Amgen exercises opt-in right in first program from multiple target research collaboration with Nuevolution
Stockholm, 18 July 2018. Nuevolution AB (publ) announced today that Amgen has exercised its opt-in right to a program that is part of its multiple target research collaboration with Nuevolution. As a result of the opt-in, Amgen will now be responsible for all further research and development costs of the program as incurred by both parties, and Amgen has an exclusive option to license the program, in accordance with the terms of the research collaboration agreement. Amgen’s option to license is valid until the end of phase I.
Nuevolution and Amgen entered into the research collaboration in October 2016. Under the terms of the agreement, Nuevolution is applying its Chemetics® drug discovery platform and drug discovery expertise against multiple disease targets and Amgen is providing its disease expertise and drug discovery and development expertise with the mutual goal of identifying, developing and commercializing novel therapeutics in the areas of oncology and neuroscience. Nuevolution is responsible for the early research phase and Amgen will work collaboratively with Nuevolution during late-stage research. Amgen is fully responsible for preclinical development, clinical development and commercialization worldwide.
Amgen’s decision to opt-in follows the demonstration of proof-of-concept in animal disease models, a milestone that ends the early research phase in accordance with the agreement. The parties will now jointly commence the late-stage research phase with the mutual goal of nominating a clinical development candidate.
Subject to further successful development, and upon Amgen’s discretionary decision to exercise its future option to license, Nuevolution will be eligible to receive a licensing fee of at least USD 10 million depending on the development stage of the program at licensing. During the potential further development and commercialization of the program, Nuevolution will also be eligible to receive success-based milestone payments. These combined payments could amount to up to USD 410 million. Nuevolution will also be entitled to receive royalties on future sales.
“Nuevolution has been responsible for the early research phase, and we are very pleased to have reached this important milestone with Amgen,” says Alex Haahr Gouliaev, CEO of Nuevolution. “We are looking forward to the further research on this program jointly with the Amgen team and seeing additional programs being developed jointly going forward.”
For more information, please contact:
Alex Haahr Gouliaev, CEO
Phone: +45 3913 0902
Information about Nuevolution AB (publ)
Nuevolution AB (publ) is a leading small molecule drug discovery biotech company founded in 2001, and headquartered in Copenhagen, Denmark. Nuevolution partners its discovery platform and develops its programs alone and in collaboration with pharmaceutical and biotechnology companies to seek future benefit for patients in need of novel medical treatment options. Nuevolution’s internal programs are focused on therapeutically important diseases targets within severe inflammatory diseases and cancer.
This information is information that Nuevolution AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Market Act. The information was sent for publication, through the agency of the contact persons set out above, on Wednesday 18 July 2018 at 08:30 CET.
Nuevolution AB (publ) is listed at Nasdaq in Stockholm, Sweden (ticker: NUE). More information about Nuevolution can be found on: www.nuevolution.com