On September 30, 2021 Vernalis, a fully owned subsidiary of HitGen Inc., and Servier reported the achievement of a research milestone in one of their oncology drug discovery collaborations, triggering an undisclosed milestone payment to Vernalis (Press release, Vernalis, SEP 30, 2021, View Source;utm_medium=rss&utm_campaign=vernalis-a-fully-owned-subsidiary-of-hitgen-inc-and-servier-achieve-a-milestone-in-their-oncology-drug-discovery-collaboration [SID1234590562]).
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Vernalis and Servier’s partnership has been running successfully since 2007 with a number of collaborations on different therapeutic targets. This particular collaboration was established in January 2017 in which Vernalis’ proprietary fragment and structure-based drug discovery platform is combined with the oncology expertise at Servier on a challenging protein target which is implicated in many different cancers. This milestone recognizes success in achieving a particular research milestone. The financial terms of the agreement are not disclosed.
"The milestone further validates our fragment and structure-based drug discovery platform and the strength and success of our relationship with Servier. We look forward to working together to develop exciting new cancer treatment opportunities to add to the already disclosed successes with Bcl-2 and Mcl-1", commented James Murray, Research Director at Vernalis.
"This research milestone is the result of highly interactive joint efforts between chemists, biochemists and biologists from both companies and hopefully will lead to new treatments for cancer patients," commented Frederic Colland, Head of Hard-to-treat Cancer research program at Servier. "This research program is in line with Servier’s strategy, which has made oncology one of its foremost priorities to respond the growing needs for therapeutic solutions."
Under the current agreement, Vernalis receives fees for work undertaken as well as research and development milestones and potentially royalties on sales.