BridGene Eligible to Receive Up to $15 9 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
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Jonathan Nugent (investors)
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SOURCE BridGene Biosciences
