====Minerva Neurosciences (NERV): EC approves an amendment to its agreement with Janssen Pharma

Minerva Neurosciences: EC has approved an amendment to its co-development and license agreement related to MIN-202 with Janssen Pharma, subsidiary of Johnson (JNJ); co to repurchase all its stock back from JNJ

Under the amended agreement, Minerva gains global strategic control of the development of MIN-202 to treat insomnia, and Janssen foregoes its right to royalties on MIN-202 insomnia sales in Minerva territories.

• Minerva retains its rights to MIN-202 as adjunctive therapy for major depressive disorder, with royalties payable by Minerva to Janssen, and royalties on sales payable by Janssen to Minerva elsewhere worldwide.
• Payments to Minerva by Janssen under this new agreement include an upfront payment of $30 million, $20 million at the start of a Phase 3 insomnia trial for MIN-202 and $20 million when 50% of the patients are enrolled in this trial. (already disclosed)
• Janssen has waived the remaining payments due from Minerva for Phase 2 development of MIN-202, which total ~$13 million.
• Minerva has assumed all financial responsibility for Phase 3 development costs for MIN-202 in insomnia.
• NERV confirms that Minerva stock previously owned by Johnson & Johnson Innovation - JJDC, Inc., totaling ~3.9 million shares and representing ~9% of total Minerva shares outstanding, will be repurchased by Minerva at par value of $.0001 per share or ~$389 in total.