AMGEN AND PLEXIUM ANNOUNCE MULTI-YEAR DRUG DISCOVERY COLLABORATION TO IDENTIFY NEW TARGET THERAPIES AGAINST PROTEIN BREAKDOWN
Under the terms of the agreement, the collaboration will initially focus on two programs with Amgen holding options to add additional programs. Plexium is eligible to receive more than $500 million in terms of success-based target access, preclinical, clinical, regulatory and commercial milestones, as well as single-digit royalty payments, if all options are exercised. Amgen holds a commercial license for each program that advances to a predefined stage of preclinical development and will be responsible for worldwide development and commercialization.
“We are on the cusp of a new era of drug discovery where drugs could work very differently from conventional drugs today,” said Ray Deshaies, Ph.D., senior vice president of global research at Amgen. “Collaborating with Plexium and leveraging their innovative technology to identify molecular glue degraders can help tackle some of the toughest protein targets for serious disease.”
The partnership will focus on expanding opportunities for targeted protein degradation through the discovery of previously unrecognized molecular glues or monovalent degraders. These molecules work through a concept of induced proximity that takes advantage of a cell’s normal biology to bring two proteins closer together to cause protein degradation. This collaboration incorporates Plexium’s comprehensive targeted protein degradation platform, powered by a proprietary high-throughput cell-screening technology that enables the discovery of novel glue-based molecular therapies.
“Amgen is a globally recognized pharmaceutical company that shares our commitment to pushing the boundaries of modern drug discovery and we are thrilled to announce our collaboration today,” said Percival Barretto-Ko, President and CEO of Plexium. “This partnership leverages and extends our drug discovery capabilities and will further demonstrate the power of our platform to unlock the potential of protein degradation. We look forward to working with Amgen to accelerate the discovery of the next generation of targeted protein degraders to improve patient health. live all over the world.”
Amgen is committed to unlocking the potential of biology for patients with serious diseases by discovering, developing, manufacturing and delivering innovative human therapies. This approach begins with the use of tools such as advanced human genetics to unravel the complexities of disease and understand the fundamentals of human biology.
Amgen focuses on areas of high unmet medical need and leverages its expertise to seek solutions that improve health outcomes and dramatically improve people’s lives. Pioneering biotechnology since 1980, Amgen has become one of the world’s leading independent biotechnology companies, has reached millions of patients worldwide and is developing a pipeline of drugs with disruptive potential.
Amgen is one of 30 companies that make up the Dow Jones Industrial Average and is also part of the Nasdaq-100 Index. In 2021, Amgen was named one of the 25 World’s Best Workplaces™ by Fortune and Great Place to Work™ and one of the World’s 100 Most Sustainable Companies by Barron’s.
Plexium is the premier next-generation targeted protein degradation company, seeking to discover a wide range of monovalent target protein degraders that address the limitations of PROTACs and cereblon IMiDs. The Company’s platform is a proprietary drug discovery platform designed to identify novel small molecules that induce selective degradation of drug target proteins through E3 ligase-mediated proteasome degradation. From molecular glues to monovalent degraders, Plexium is advancing a pipeline of novel protein degraders targeted for the treatment of cancer, neurodegeneration and other diseases. For more information, visit https://plexium.com/ and engage with us on LinkedIn.
Amgen Forward-Looking Statements
This press release contains forward-looking statements based on Amgen’s current expectations and beliefs. All statements, other than statements of historical facts, are statements that could be considered forward-looking statements, including any statements about the results, benefits and synergies of collaborations, or potential collaborations, with any other company ( including BeiGene, Ltd., Kyowa -Kirin Co., Ltd., Generate Biomedicines, Inc., Arrakis Therapeutics, Inc., Plexium, Inc., or any collaboration to manufacture therapeutic antibodies against COVID-19), the performance from Otezla® (apremilast) (including expected sales growth of Otezla and timing of non-GAAP EPS accretion), the acquisition of Five Prime Therapeutics, Inc. or the acquisition of Teneobio, Inc., as well than estimates of expected revenues, operating margins, capital expenditures, cash flow, other financial measures, legal, arbitration, policy, regulatory or clinical results or practices, customer and prescriber patterns or practices, activities and reimbursement results, effects of pandemics or other widespread health issues such as the ongoing COVID-19 pandemic on our business, and other similar estimates and results. Forward-looking statements involve significant risks and uncertainties, including those discussed below and described in more detail in Securities and Exchange Commission reports filed by Amgen, including our most recent Annual Report on Form 10-K and any subsequent periodic report on Form 10-Q. and current reports on Form 8-K. Unless otherwise indicated, Amgen is providing this information as of the date of this press release and undertakes no obligation to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
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CONTACT: Plexium, San Diego
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