Over $1 Billion Deal: Janssen's In-Licensed M1 Receptor Antagonist PIPE-307 Fails Phase II Trial in RRMS

November 20，Contineum Therapeutics Announces Topline Data from Phase 2 VISTA Trial of M1 Receptor Antagonist PIPE-307 for the Treatment of Relapsing-Remitting Multiple Sclerosis (RRMS)The trial failed to meet its primary efficacy endpoint.It is understood that Johnson & Johnson had previouslyPIPE-307 has reached a cooperation agreement with Contineum Therapeutics.Under the agreement, the latter is eligible to receive approximately $1 billion in success-based payments.

Contineum TherapeuticsContineum Therapeutics is a clinical-stage biopharmaceutical company focused on neuroscience, inflammation, and immunology (NI&I) indications, dedicated to discovering and developing novel oral small-molecule therapies. Contineum is advancing a series of internally developed programs, with multiple drug candidates currently in clinical trials. PIPE-307 is a selective M1 receptor antagonist in clinical development for the treatment of relapsing-remitting multiple sclerosis and major depressive disorder.

According to the press release,The VISTA trial is a randomized, double-blind, placebo-controlled, multi-center proof-of-concept trial designed to evaluate the safety and efficacy of PIPE-307 in RRMS patients, including clinical and imaging endpoints.

TheThe trial demonstrated acceptable safety and tolerability at both doses. However, it failed to meet its pre-specified primary or secondary efficacy endpoints.InNo significant changes were observed in 2.5% low-contrast letter acuity for both eyes across all treatment groups in RRMS patients. The company is continuing to analyze and explore the trial data related to exploratory endpoints.

It is reported that,The company plans to present the full dataset at a future medical conference and publish the complete results in a peer-reviewed medical journal.

It is worth noting that Johnson & Johnson had previously introducedPIPE-307 Product.2023April, Pipeline Therapeutics（Contineum Therapeutics(Formerly known as)Announced that it has entered into an agreement with Janssen Pharmaceuticals, a subsidiary of Johnson & Johnson (Johnson & Johnson) Reaches Global Licensing and Development Agreement for PIPE-307. According to the terms of the agreement,Pipeline will grant Janssen an exclusive license to research, develop, and commercialize PIPE-307 for all indications worldwide; Pipeline will retain the right to advance PIPE-307 in RRMS through Phase 2 clinical trials.

Pipeline will receive a $50 million upfront payment from Janssen, a $25 million equity investment from Johnson & Johnson Innovation (JJDC), and a $25 million equity investment from Pipeline's existing investors. Pipeline is also eligible to receive approximately $1 billion in success-based payments, including clinical, regulatory, and commercial milestones, as well as tiered double-digit royalties. If Pipeline exercises the co-development option for PIPE-307, the royalty rate will increase.

Evaluate Pharma predicts,The neuroscience market will grow from USD 22.6 billion in 2022 to USD 54.6 billion by 2030., with a compound annual growth rate of 11.7%.AndNeuroscience is the third-largest segment of Johnson & Johnson's pharmaceutical business., the company has already owned antipsychotic drug Paliperidone and a new antidepressant drugSpravato (Esketamine Nasal Spray) Two Major Blockbuster Drugs.

In recent years,Johnson & Johnson has been strengthening its neuroscience business segment., for exampleIn early 2025, Johnson & Johnson acquired Intra-Cellular for $14.6 billion, bringing the well-established commercial product Lumateperone into its portfolio.

Reference Materials:

[1]Contineum TherapeuticsOfficial Website.

[2]Ultra$1 Billion! Johnson & Johnson Acquires an M1R Antagonist. Medaverse. April 18, 2023.

[3]Johnson & Johnson to Do"Big Brother". Pharma Intelligence Network. November 12, 2025.

[4]Billions in Spending! This Field Becomes the New Favorite of Pharmaceutical Giants.PharmCube. November 2, 2025.