On July 16, 2024 Orum Therapeutics ("Orum" or the "Company"), a clinical-stage private biotechnology company pioneering the field of degrader-antibody conjugates (DACs), reported a global, multi-target license and option agreement whereby it granted Vertex Pharmaceuticals ("Vertex") (Nasdaq: VRTX) rights to conduct research using Orum’s Dual-Precision Targeted Protein Degradation (TPD²) technology for the discovery of novel targeted conditioning agents for use with gene editing (Press release, Orum Therapeutics, JUL 16, 2024, View Source [SID1234644906]).
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Following the research period for each target, Vertex will have the option to obtain a worldwide, exclusive license to research, develop, manufacture, and commercialize DACs developed with Orum’s TPD² technology for that target. Under the terms of this agreement, Orum will receive an upfront payment of $15 million and is eligible to receive additional option payments and milestones potentially totaling up to $310 million per target for up to three targets, as well as tiered royalties on potential future global annual net sales. Vertex is responsible for all research, development, and commercialization.
"Vertex is a leader in discovering and developing innovative medicines, including being the first to receive FDA approval of a CRISPR/Cas9 gene-edited therapy, and we are pleased they’ve selected Orum’s TPD² technology to discover novel targeted conditioning agents," said Sung Joo Lee, Ph.D., CEO and founder of Orum Therapeutics. "This agreement with Vertex creates the potential to treat patients in a novel indication space with our leading targeted protein degradation approach for an exciting new therapeutic class of degrader-antibody conjugates."