Intra-Cellular, Takeda To Mutually Terminate License Agreement For ITI-214

(RTTNews) - Intra-Cellular Therapies, Inc. (ITCI) and Takeda Pharmaceutical Company Limited (TKPYY.PK) said they have entered into an agreement to mutually terminate the February 2011 license agreement covering Intra-Cellular Therapies' proprietary compound ITI-214 and related PDE1 inhibitors and to return the rights for these compounds to Intra-Cellular Therapies.

Under the terms of the agreement, Intra-Cellular Therapies has regained all worldwide development and commercialization rights for the compounds previously licensed to Takeda.

Takeda will be responsible for transitioning the compounds back to Intra-Cellular Therapies and will not participate in future development or commercialization activities.

After transition of the program, Intra-Cellular Therapies plans to continue the clinical development of PDE1 inhibitors for the treatment of central nervous system, cardiovascular and other disorders.

Dr. Sharon Mates, Chairman and CEO of Intra-Cellular Therapies, said, "We are grateful for Takeda's substantial efforts in advancing this program into clinical development. This provides us with the opportunity to unify our PDE1 platform and we look forward to continuing the development of ITI-214 and our other PDE1 inhibitors."