Shire, Parion in deal for ENaC inhibitor for dry eye

Parion Sciences Inc. (Durham, N.C.) granted Shire plc (LSE:SHP; NASDAQ:SHPG) exclusive, worldwide rights to P-321 ophthalmic solution, an epithelial sodium channel (ENaC) inhibitor in development to treat dry eye disease.

Parion received $20 million up front and is eligible for a $20 million near-term milestone payment, as well as $495 million in additional milestones and tiered double-digit royalties. Parion also may opt to co-fund development and commercialization. Both companies declined to discuss the deal's terms...