BridGene Eligible to Receive More Than $700 Million in Potential Upfront and Milestone Payments
SAN JOSE, Calif., Jan. 3, 2024 /PRNewswire/ -- BridGene Biosciences, Inc., a leader in the discovery of small molecule drugs for traditional "hard-to-drug" targets, announced today a strategic collaboration and licensing agreement with Galapagos NV (Euronext & NASDAQ: GLPG). Under the collaboration, BridGene will use its chemoproteomics platform, IMTAC, to discover novel small molecule drug candidates against the collaboration targets. The parties will collaborate to advance the molecules to clinical candidates, which Galapagos has the exclusive rights to develop and commercialize.
The preclinical research collaboration will focus on oncology targets named by Galapagos. Galapagos will pay BridGene up to $27 million in upfront and preclinical research milestone payments and more than $700 million in clinical and commercial milestones, assuming success of the programs. BridGene is also eligible to receive tiered royalties on net sales of each product resulting from the collaboration.
"BridGene's proven expertise in discovering small molecule drugs for challenging targets positions them as an ideal partner in pioneering new avenues in oncology drug discovery," said Pierre Raboisson, PhD, Senior Vice President and Head of Small Molecules Discovery at Galapagos. "By integrating BridGene's innovative platform with our robust capabilities in drug discovery and clinical development, we are poised to develop breakthrough cancer therapies. Our goal is to deliver transformative precision medicines for cancer with limited treatment options."
"We are excited to collaborate with Galapagos in the discovery of new drugs targeting critical and challenging targets in oncology. The depth of Galapagos' scientific expertise in oncology aligns perfectly with our capabilities and this collaboration will further reinforce our strong track record in identifying drugs for difficult targets," stated Ping Cao, Ph.D., Co-Founder and CEO of BridGene Biosciences. "Partnering is a fundamental strategy for BridGene. We aim to create collaborations that significantly boost the likelihood of success. This is achieved by integrating our innovative discovery platform and expertise in tackling "hard-to-drug" targets with the wide-ranging scientific, clinical, and commercial expertise of partners like Galapagos."
About BridGene Biosciences
BridGene is a biotechnology company focused on discovering and developing innovative small molecules that drug traditionally undruggable targets, providing new paths to treat diseases. By using its proprietary chemoproteomic platform, IMTAC, BridGene is able to screen small molecules against all proteins in live cells to discover drug candidates for high value and previously undruggable targets. For this purpose, BridGene takes advantage of its proprietary, diverse covalent library of tagged, drug-like small molecules. The ultimate goal is to enable breakthrough small-molecule drug discovery and to expand the mechanisms to treat diseases, with targets previously inaccessible to small molecules. BridGene is advancing a diversified pipeline of first-in-class drugs for targets in multiple disease areas. For more information, visit https://bridgenebio.com/.
About Galapagos
Galapagos is a fully integrated biotechnology company focused on discovering, developing, and commercializing innovative medicines. Galapagos is committed to improving patients' lives worldwide by targeting diseases with high unmet needs. Galapagos's R&D capabilities cover multiple drug modalities, including small molecules and cell therapies, and its portfolio comprises discovery through to commercialized programs in immunology, oncology, and other indications. Galapagos's first medicine for rheumatoid arthritis and ulcerative colitis is available in Europe and Japan . For additional information, please visit glpg.com or follow Galapagos on LinkedIn or Twitter.
Contact
Tiberend Strategic Advisors, Inc.
Daniel Kontoh-Boateng (investors)
862-213-1398
[email protected]
Eric Reiss (media)
802-249-1136
[email protected]
SOURCE BridGene Biosciences
