SAB Comprised of Pioneers in the Field of Protein Degradation, Including Unique Expertise in Roles of Ubiquitin Biology and Translational Medicine Track Records of Founding Biopharma Companies and...
VIENNA, Austria, Aug. 28, 2023 (GLOBE NEWSWIRE) -- Proxygen, a leader in the discovery and development of molecular glue degraders, today announced that Fierce Biotech has named it as one of 2023€™s...
Proxygen’s molecular glue ambitions are continuing to take shape as the Austrian biotech sticks together a third licensing deal in less than three years.
IENNA, Austria, April 05, 2023 (GLOBE NEWSWIRE) -- Proxygen, a leader in the discovery and development of molecular glue degraders, announced today a multi-year research collaboration and license agreement with Merck & Co Inc., Rahway, N.J., USA, known as MSD outside the U.S. and Canada, to jointly identify and develop molecular glue degraders against multiple therapeutic targets. nn“We are very excited to announce this collaboration with MSD and look forward to combining our innovative platform technology and unique expertise in identifying novel molecular glue degraders with MSD’s world class research and development capabilities. This partnership provides us with the framework and resources to further leverage our platform for the discovery of new drugs against challenging targets,” says Bernd Boidol, Ph.D., chief executive officer of Proxygen. nnUnder the terms of the agreement, Proxygen will receive an upfront payment from MSD and be eligible for future payments of up to $2.55 billion based on the achievement of specified research, development, and commercial milestones across all programs. Additionally, Proxygen is eligible to receive royalties on net sales of any such products. nn“Advances in our understanding of molecular glue degraders are opening exciting new avenues in the pursuit of novel therapeutic mechanisms,” said Robert M. Garbaccio Ph.D., vice president and head of Discovery Chemistry at MSD. “We look forward to working with the Proxygen team to advance this promising area of research and evaluate new opportunities to treat disease.”
Proxygen Announces Formation of Board of Directors
VIENNA--(BUSINESS WIRE)--Proxygen, a leader in the discovery and development of molecular glue degraders, announced today that the company has entered into a strategic multi-year research collaboration and license agreement with Merck. Proxygen is eligible to receive up to €495 million ($554 million at the average USD/EUR FX rate of Q1 2022) in continuous R&D funding, upfront and success-based pre-clinical, clinical, regulatory, and commercial milestones, as well as additional royalty payments. Under the terms of the agreement, the companies will jointly identify and develop molecular glue degraders up to a clinical candidate stage.