Reset Therapeutics said today it will partner with an affiliate of Alkermes to discover, develop, and commercialize novel orexin receptor modulators using Reset’s drug discovery platform.

The value of the collaboration was not disclosed. Reset did say, however, that it received an upfront fee and will be eligible for payments tied to achieving development, regulatory, and sales-based milestones, as well as royalties on any future product sales.

Reset also received from Alkermes an equity investment whose size was undisclosed.

In return, Reset will oversee the development of molecules arising from the collaboration through the completion of initial Phase II studies.

Reset also agreed to provide Alkermes an exclusive, worldwide option to license orexin modulators resulting from the collaboration.

“Working together with Alkermes will accelerate advancement of this program, while Reset also pursues its cryptochrome modulator program and other opportunities in its pipeline,” Reset Therapeutics President and CEO Ross Bersot, CFA, said in a statement.

Based in South San Francisco, CA, Reset focuses on discovering and developing therapeutics for metabolic disorders, narcolepsy, and other disorders associated with excessive daytime sleepiness. The company has engineered a platform designed to identify and characterize compounds that modulate the activity and function of molecular clocks by restoring the body’s natural circadian rhythms.

Headquartered in Dublin, Ireland, Alkermes focuses on developing treatments for central nervous system (CNS) disorders such as schizophrenia, depression, addiction, and multiple sclerosis.

“We are very pleased to initiate this research collaboration with Reset, leveraging the company’s unique insights into orexin receptor modulator chemistry and biology to explore the development of promising novel medicines for a range of CNS diseases,” added Mark Namchuk, Ph.D., Alkermes svp of research, pharmaceutical and nonclinical development.

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