On October 4, 2022 SyntheX, Inc., an emerging growth biotechnology company innovating next-generation functional drug discovery engines, reported a research collaboration and license agreement with Bristol Myers Squibb to discover, develop and commercialize novel small molecules using SyntheX’s ToRNeDO platform for protein degradation (Press release, SyntheX, OCT 4, 2022, View Source [SID1234621666]).
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The collaboration will focus on discovering molecular glue degraders. Under the terms of the agreement, SyntheX will receive a combined upfront of cash and an investment and is eligible for up to $550 million in performance-based milestone payments, as well as royalties on global net sales of products.
SyntheX has developed proprietary platforms that leverage the power of synthetic biology to build next generation drug discovery engines. Using genetic engineering, SyntheX’s platform technologies rely on functional intracellular drug selection as opposed to in vitro screening, which allows the company to discover functional molecular glues using a pre-specified E3 ligase and a neosubstrate of interest. The platform is versatile and can exploit many human E3 ligases.
"Bristol Myers Squibb is a globally recognized pharmaceutical leader, and we are excited to work with them in targeted protein degradation (TPD), an extremely exciting scientific field with vast drug development opportunities," said Maria Soloveychik, Ph.D., Co-Founder and Chief Executive Officer of SyntheX. "We look forward to combining our ToRNeDO platform with Bristol Myers Squibb’s clinical development expertise as we work to discover and deliver the next-generation of TPD therapies for patients in need."