Nxera Pharma Co., Ltd. ("Nxera" or "the Company"; TSE 4565) announces that it has reached a third R&D milestone under its multi-target discovery collaboration with AbbVie focused on neurological diseases, resulting in a payment of US$10 million to Nxera.

Nxera and AbbVie entered this multi-target collaboration in 2022 to leverage Nxera's NxWave™ platform to discover novel medicines targeting G protein-coupled receptors (GPCRs) associated with neurological disease. This current milestone relates to the identification of validated and differentiated ‘hit' molecules against a neurology target.

Under the terms of the agreement, Nxera is eligible to receive up to US$40 million in near-term research milestones, as well as further potential option, development and commercial milestones totalling up to US$1.2 billion, plus tiered royalties on global sales.