(Reuters) – Seres Therapeutics said on Thursday it has entered into a non-binding memorandum of understanding with Nestlé Health Science for the sale of its bacterial infection drug and related intellectual property rights.
Under the terms of the pending agreement, Seres is due to receive capital infusions, including an undisclosed upfront payment.
The U.S. Food and Drug Administration last year approved the company’s pill, Vowst, for treating adults with a type of bacterial infection generally caused by he prolonged use of antibiotics.
Seres entered into a deal with Nestle’s health science unit in 2021 to jointly commercialize the drug in the United States.
The drugmaker expects to complete the transaction within the next 90 days, subject to approval for certain customary conditions.
(Reporting by Pratik Jain in Bengaluru; Editing by Nivedita Bhattacharjee)
