On September 10, 2024 C4 Therapeutics, Inc. (C4T) (Nasdaq: CCCC), a clinical-stage biopharmaceutical company dedicated to advancing targeted protein degradation science, reported it has successfully delivered a second development candidate to Biogen and earned an $8 million milestone payment (Press release, C4 Therapeutics, SEP 10, 2024, View Source [SID1234646468]). This marks the final development candidate under this strategic collaboration.
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"We are thrilled to deliver a highly catalytic, brain penetrant orally bioavailable BiDAC degrader development candidate to Biogen in their pursuit of discovering, developing and delivering innovative therapies that improve the lives of patients," said Andrew Hirsch, president and chief executive officer. "It is rare that discovery collaborations deliver one, much less two, development candidates to the partner. This result is a testament to the dedication of the Biogen and C4T teams and the productivity of our TORPEDO platform, which has demonstrated its potential to design innovative degraders against a broad range of target classes. Since our founding in 2015, we have discovered and advanced four development candidates for our clinical pipeline and delivered two development candidates to Biogen, an impressive feat for a company of our size. We are proud to continue advancing the exciting field of targeted protein degradation and bring new medicines to patients."
Under the terms of the strategic collaboration established in 2018, C4T provided expertise and research services in targeted protein degradation and Biogen provided scientific and drug development capabilities. Biogen is responsible for all future clinical development and commercialization for development candidates delivered under the collaboration. Previously, C4T earned an $8 million payment in April 2024 after Biogen accepted delivery of a first development candidate in an undisclosed indication as part of this collaboration.