Pinetree to receive up to $45 million in upfront and near-term payments,
with a total deal value of over $500
million including potential additional development and
commercial milestone payments
CAMBRIDGE, Mass., July 23,
2024 /PRNewswire/ -- Pinetree Therapeutics, Inc.
("Pinetree" or the "Company"), a biotechnology company pioneering
next generation targeted protein degraders (TPD) to combat drug
resistance in oncology and beyond, today announced it has entered
into an exclusive option and global license agreement with
AstraZeneca (LSE/STO/Nasdaq: AZN) for a preclinical EGFR degrader
candidate.
Under the terms of the agreement, AstraZeneca will be granted an
exclusive option to license Pinetree's preclinical EGFR degrader
for global development and commercialization. In exchange, Pinetree
will receive upfront and near-term payments of up to $45 million and is eligible to receive additional
development and commercial milestone payments for a total deal
value of over $500 million, as well
as tiered royalties on net sales worldwide.
"We are excited to announce this option and license agreement
with AstraZeneca, a leading global biopharmaceutical company, to
advance one of our novel receptor degrader programs into the
clinic," said Dr. Hojuhn Song, Founder and CEO of Pinetree.
"Pinetree's pan-EGFR degrader was developed from
AbReptor™, our proprietary multispecific antibody
platform and has demonstrated promising preclinical anti-tumor
activity in drug- and TKI-resistant tumors as well as enhanced
activity when used in combination with current EGFR
inhibitors."
"Targeted protein degradation is a promising therapeutic
modality. We are pleased to enter into this agreement with
Pinetree, for an exclusive option to license its pan-EGFR degrader
for investigation in EGFR expressing tumors, including those with
EGFR mutations" said Puja Sapra,
Senior Vice President, Oncology Targeted Discovery, Oncology
R&D, AstraZeneca.
Pinetree is also advancing multiple preclinical candidates
derived from its AbReptor™ TPD platform with potential
in oncology and other therapeutics areas.
About Pinetree Therapeutics, Inc.
Established to combat drug resistance in oncology and beyond,
Pinetree's platform technology, AbReptor™, is a
best-in-class, transformative and modular antibody platform
designed to degrade membrane-bound and extracellular proteins.
Since its founding in 2019, Pinetree's platform has brought about
several compelling pre-clinical programs in oncology and other
therapeutic areas.
Please visit the Company's website at
pinetreetx.com and connect on LinkedIn for more
information.
Contact:
Clemens
Reinshagen
admin@pinetreetherapeutics.com
Pinetree Therapeutics, Inc
Cambridge, MA
+1-617-945-2309
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SOURCE PineTree Therapeutics