Symphony Capital forms joint venture with Lexicon Pharmaceuticals
Clients Symphony Capital LLC
Jones Day advised Symphony Capital Partners, L.P., and its co-investors in connection with a collaborative development agreement with Lexicon Pharmaceuticals, Inc. to establish a joint venture, Symphony Icon Inc. Symphony will provide $65 million in funding to accelerate clinical and other related development activities for three of Lexicon's product candidates: LX6171 for cognitive disorders, LX1031 for irritable bowel syndrome and LX1032 for gastrointestinal disorders. All product candidates were, as of the closing of the transaction, in preclinical or the early stages of clinical development. Lexicon exclusively licensed to Symphony Icon certain intellectual property related to its LX6171, LX1031 and LX1023 product candidates. Lexicon received an exclusive purchase option from Symphony Icon's investors that will allow Lexicon to reacquire the intellectual property by purchasing all of Symphony Icon's equity at a predetermined price during the anticipated four- year collaborative development period.