BridGene Eligible to Receive Up to
$159 Million in
Total Payments
SAN
JOSE, Calif., Aug. 1, 2024
/PRNewswire/ -- BridGene Biosciences, Inc., a leader in the
discovery of small molecule drugs for traditionally "hard-to-drug"
targets, today announced an expansion to its strategic
collaboration and licensing agreement with Galapagos NV (Euronext:
GLPG) (NASDAQ: GLPG). This new collaboration builds upon the
partnership initiated in January
2024, focusing on the discovery of a highly selective oral
SMARCA2 small molecule proteolysis targeting chimera (PROTAC).
Under the expanded agreement, BridGene will leverage its PROTAC
discovery engine in combination with Galapagos' expertise in
selective ATPase small molecules. The collaboration aims to advance
the molecule into a preclinical candidate, with Galapagos holding
exclusive rights for further development and commercialization.
Galapagos will provide BridGene with upfront and preclinical
milestone payments, alongside additional payments based on clinical
and commercial milestones, potentially bringing the total deal
value to $159 million. BridGene is
also eligible to receive tiered royalties on net sales of each
product resulting from the collaboration.
"We are excited to deepen our collaboration with Galapagos to
discover new drugs targeting critical and challenging oncology
targets," stated Ping Cao, Ph.D.,
Co-Founder and CEO of BridGene Biosciences. "The depth of
Galapagos' scientific expertise in oncology aligns perfectly with
our capabilities. This collaboration will further reinforce our
strong track record in identifying drugs for difficult targets. We
aim to create partnerships that significantly boost the likelihood
of success by integrating our innovative discovery platform with
the wide-ranging scientific and clinical expertise of partners like
Galapagos."
"We are pleased to expand our partnership with BridGene
Biosciences, a company which has a strong track record in small
molecule drug discovery for hard-to-drug targets," said Pierre
Raboisson, Ph.D., Senior Vice President and Head of Small Molecules
Discovery at Galapagos. "Our expanded collaboration leverages the
unique strengths of both companies and allows us to combine our
in-house expertise and technological platforms with BridGene's
cutting-edge PROTAC discovery engine to develop precision medicines
for cancer patients with critical unmet needs."
This expanded collaboration highlights the validation of
BridGene's innovative approach through strategic partnerships,
emphasizing the importance of these alliances to advance drug
development efforts. Both BridGene and Galapagos are committed to
improving patient outcomes by developing potential best-in-class
precision medicines that tackle challenging targets in cancer, with
a strong focus on addressing high unmet medical needs through
targeted protein degradation technology.
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 can
screen small molecules against all proteins in live cells to
discover drug candidates for high-value and previously undruggable
targets. 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 biotechnology company with operations in
Europe and the U.S. dedicated to
developing transformational medicines for more years of life and
quality of life. Focusing on high unmet medical needs, Galapagos
synergizes compelling science, technology, and collaborative
approaches to create a deep pipeline of best-in-class small
molecules, cell therapies, and biologics in oncology and
immunology. With capabilities from lab to patient, including a
decentralized cell therapy manufacturing network,
Galapagos is committed to challenging the status quo and delivering
results for patients, employees, and shareholders. For additional
information, please visit www.glpg.com or follow Galapagos
on LinkedIn or X.
Contact
Tiberend Strategic Advisors, Inc.
Jonathan Nugent (investors)
205-566-3026
jnugent@tiberend.com
Dave Schemelia (media)
609-468-9325
dschemelia@tiberend.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/bridgene-biosciences-expands-strategic-collaboration-with-galapagos-to-develop-selective-oral-smarca2-protac-in-precision-oncology-302211935.html
SOURCE BridGene Biosciences