Celgene signs deals with two Massachusetts-based biotechs
New Jersey-based biotechnology firm Celgene has signed deals with two Massachusetts-based biotechs: immuno-oncology specialist Kyn therapeutics and cell therapy firm Obsidian.
The multibillion dollar firm will pay Kyn an upfront sum of $80 million in seeking to collaborate on the development and commercialisation of medicines in areas of high unmet need.
For each programme Kyn will be responsible for R&D activities though to Phase 1b at which point Celgene can opt to take over development and commercialisation. Kyn will be eligible to receive clinical regulatory and commercial milestones payments alongside royalties on worldwide sales.
Commenting, Dr Mark Manfredi president and CEO of Kyn therapeutics, said:“Celgene’s R&D capabilities and focus on groundbreaking biology are a strong strategic fit for Kyn’s programs. As a fast-growing immuno-oncology therapeutics developer, we also welcome Celgene on board as an equity investor and supporter of our R&D strategy and leadership.”
Meanwhile Celgene entered into a strategic multi-year collaboration with Obsidian Therapeutics. The deal will be Obsidian’s first collaboration with a major firm in deploying its Destabilizing Domain (DD) technology. Obsidian will receive an upfront payment and equity investment alongside future milestone and royalty payments.
“Obsidian’s technology has the potential to unlock the activity of cell therapy in a number of new settings, particularly against solid tumor malignancies, and this is a prime example of the new technologies that we see enabling broader applications for CAR-T and cell therapies for the treatment of cancer,” said Dr Robert Hershberg, Executive Vice President, Business Development & Global Alliances for Celgene Corporation. “We value the innovation that the Obsidian team can bring and we look forward to working together to bring powerful new immunotherapies to patients.”
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