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
dboateng@tiberend.com
Eric Reiss (media)
802-249-1136
ereiss@tiberend.com
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SOURCE BridGene Biosciences