The agreement includes licensing of a lead preclinical candidate, as well as a research collaboration to jointly generate additional novel candidates. The candidates include previously undisclosed multispecific fusion protein-based therapeutic candidates to treat autoimmune and inflammatory diseases.

Under the agreement, Horizon will pay Alpine $25 million. Horizon will also make an equity investment in Alpine of $15 million at a 25% premium to the 30-day, volume-weighted, average share price. In addition, Alpine is eligible to receive up to $381 million per program, or approximately $1.52 billion total, in future success-based payments related to development, regulatory, and commercial milestones, as well as tiered royalties on global net sales.

Alpine will advance candidate molecules to predefined preclinical milestones, while Horizon will assume responsibility for development and commercialization activities and costs, the companies said.