Nxera seeks schizophrenia programme buyer after Boehringer snub

Core Viewpoint - Nxera Pharma is seeking buyers for its Phase II-ready schizophrenia program after Boehringer Ingelheim opted not to exercise its licensing option, which has led to a decline in Nxera's share price despite no immediate financial impact from the decision [1][2][3]. Group 1: Licensing and Financial Implications - Boehringer Ingelheim held exclusive rights to Nxera's GPR52 agonist portfolio but has chosen not to proceed, reverting rights back to Nxera [1][3]. - Nxera received €25 million upfront from Boehringer in a deal established in 2024, with potential future payments totaling up to €670 million and royalties for any approved products [3]. - Analysts from Citi noted that Boehringer's decision was viewed negatively, as there were expectations for a significant deal in 2025-2026 [3]. Group 2: Program Status and Future Plans - Nxera is exploring strategic opportunities for the GPR52 agonist program, including potential licensing partnerships with major pharmaceutical or specialist neuroscience companies by 2026 [2]. - The lead compound NXE0048149 has shown positive Phase I results, indicating engagement with brain circuitry relevant to schizophrenia treatment, and is now Phase II ready [5]. - Nxera's CEO emphasized the program's potential despite the setback with Boehringer, highlighting its first-in-class approach to treating major symptoms of schizophrenia [6]. Group 3: Workforce and Company Challenges - Nxera has faced challenges recently, including workforce reductions, with plans to cut 15% of its staff to meet profitability targets [7]. - The company had a total workforce of 384 employees as of the end of September, primarily located in the UK and Japan [7].