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February 2023 Top Biopharma Deal: Axsome – Pharmanovia for EDS Drug Sunosi

Mar 6, 2023 | Deal of the Month, Partnership Deals

February 2023 Top Biopharma Deal Upfront
Axsome development and commercialization deal with Pharmanovia for Sunosi

Highlighted Deal Financial Comps

Date Announced:

February 22, 2023

Total Deal Value:


Upfront Cash:


Upfront Equity:


Option Payments:


Total Milestones:

$101M dev. and sales milestones


Undisclosed mid-twenties royalties

Cost & Profit Split:


Deal Synopsis

The Asset:

Axsome’s Sunosi (solriamfetol), a dual-acting dopamine and norepinephrine reuptake inhibitor

Deal Structure:

Development and Com. License

Partnership Features:

Collaborative Development, No Shared Cost

Deal Details:

  • Axsome granted Pharmanovia exclusive rights to develop and commercialize Sunosi (solriamfetol), a dual-acting dopamine and norepinephrine reuptake inhibitor in Europe and certain Middle East and North Africa (MENA) countries for the treatment of excessive daytime sleepiness (EDS) due to narcolepsy or obstructive sleep apnea (OSA).

  • Pharmanovia will be responsible for marketing Sunosi in Europe and MENA regions and will assume responsibility for all local clinical and regulatory activities.

  • Axsome will receive $66M up front and is eligible for up to $101M in sales and other milestones, plus undisclosed mid-twenties royalties.

Last Month:

Congrats to Axsome and Pharmanovia for landing DealForma’s February 2023 Top Biopharma Deal. Last month’s Deal of the Month was Hutchmed – Takeda for cancer drug fruquintinib. Read about it here.

DealForma’s Deal of the Month selection is based on the largest disclosed upfront cash and equity total in partnership deals involving R&D as announced in the month prior to this article. Data for this analysis was compiled using the DealForma biopharma deals database. All data are based on publicly disclosed figures and deal terms.

We invite you to answer interesting questions on biopharma business development and licensing using our data and carefully curated profiles on deals, pipelines, companies, funding, and business executives by visiting to schedule your personalized demo.


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