Nurix Announces Strategic Collaboration with Seagen Combining Industry Leading Technologies of Targeted Protein Degradation and Antibody-Drug Conjugation to Advance an Innovative New Class of Cancer Therapeutics
07 Setembro 2023 - 8:00AM
Nurix Therapeutics, Inc. (Nasdaq: NRIX), a clinical stage
biopharmaceutical company developing targeted protein modulation
drugs designed to treat patients with hematologic malignancies and
solid tumors, today announced that it has entered into a
multi-year, multi-target strategic collaboration agreement with
Seagen Inc. to advance a new class of medicines called
Degrader-Antibody Conjugates (DACs) for use in cancer. The
collaboration between the two companies will focus on an innovative
approach to combine two powerful technologies to target
cancer—antibody-drug conjugation (ADC) and targeted protein
degradation (TPD)—with the goal of creating drugs with new
mechanisms of action as well as improved specificity and
anti-cancer activity.
“By combining the tissue and tumor specificity of antibodies
with highly potent and catalytic targeted degradation of cancer
driver proteins, we believe that DACs may represent a next
generation of cancer medicine for a wide range of solid tumors and
hematologic malignancies,” said Arthur T. Sands, M.D., Ph.D.,
president and chief executive officer of Nurix. “With Seagen, our
strategic goal is to advance ADC technology to the next level to
provide patients with new DAC drugs that deliver greater anti-tumor
efficacy and safety compared to currently available agents.”
“The targeted protein degrader modality provides unique
advantages over payloads currently employed across the ADC field,”
said Gwenn M. Hansen, Ph.D., chief scientific officer of Nurix.
“This collaboration is a new application of our DELigase
technology, and we are delighted to work with Seagen, a pioneer in
the development and commercialization of ADC therapeutics, to
create a new generation of drugs to fight cancer.”
Under the terms of the agreement, Nurix will receive an upfront
payment of $60 million and has the potential to receive up to
approximately $3.4 billion in research, development, regulatory and
commercial milestone payments across multiple programs. In
addition, Nurix will be eligible for mid-single to low double digit
tiered royalties on future sales, and Nurix retains an option for
U.S. profit sharing and co-promotion on two products arising from
the collaboration. As part of the multi-year collaboration, Nurix
will use its proprietary DELigase platform to develop a suite of
targeted protein degraders against multiple targets nominated by
Seagen that are suitable for antibody conjugation. Seagen will be
responsible for conjugating these degraders to antibodies to make
DACs and advancing these DAC drug candidates through preclinical
and clinical development and commercialization. Given the potential
to conjugate multiple antibodies to unique degraders, several DAC
drugs may be developed and commercialized within this
collaboration.
With the receipt of the $60 million upfront payment, Nurix
expects that its existing cash, cash equivalents and marketable
securities, excluding any future potential milestones from
collaborations, will be sufficient to fund its operating activities
into the second quarter of 2025.
Conference call detailsAt 8:30 a.m., ET,
September 7, 2023, Nurix will host a conference call and webcast to
discuss this update. The live webcast, with an accompanying
presentation, will be accessible under the Events and Presentations
page in the Investors section of the company’s website here. To
participate in the live conference call, please follow this link. A
replay of the webcast and call will be archived on the Nurix
website for approximately 30 days after the event.
About Nurix Therapeutics, Inc.Nurix
Therapeutics is a clinical stage biopharmaceutical company focused
on the discovery, development and commercialization of innovative
medicines based on the modulation of cellular protein levels as a
novel treatment approach for cancer and other challenging diseases.
Leveraging extensive expertise in E3 ligases together with
proprietary DNA-encoded libraries, Nurix has built DELigase, an
integrated discovery platform, to identify and advance novel drug
candidates targeting E3 ligases, a broad class of enzymes that can
modulate proteins within the cell. Nurix’s drug discovery approach
is to either harness or inhibit the natural function of E3 ligases
within the ubiquitin-proteasome system to selectively decrease or
increase cellular protein levels. Nurix’s wholly owned, clinical
stage pipeline includes targeted protein degraders of Bruton’s
tyrosine kinase, a B-cell signaling protein, and inhibitors of
Casitas B-lineage lymphoma proto-oncogene B, an E3 ligase that
regulates activation of multiple immune cell types including T cell
and NK cells. Nurix is headquartered in San Francisco, California.
For additional information visit http://www.nurixtx.com.
Forward-Looking StatementsThis press release
contains statements that relate to future events and expectations
and as such constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
When or if used in this press release, the words “anticipate,”
“believe,” “could,” “estimate,” “expect,” “intend,” “may,”
“outlook,” “plan,” “predict,” “should,” “will,” and similar
expressions and their variants, as they relate to Nurix, may
identify forward-looking statements. All statements that reflect
Nurix’s expectations, assumptions or projections about the future,
other than statements of historical fact, are forward-looking
statements, including, without limitation, statements regarding:
the potential benefits of the Nurix-Seagen collaboration, including
potential milestone and sales-related payments; the potential
advantages and therapeutic benefits of Degrader-Antibody
Conjugates; the potential advantages of Nurix’s DELigase™ platform;
the extent to which antibody-drug conjugation, targeted protein
degradation, Degrader-Antibody Conjugates, Nurix’s drug discovery
approach and Nurix’s DELigase™ platform may potentially address a
broad range of diseases; Nurix’s future plans, prospects and
strategies; Nurix’s future financial or business performance; and
Nurix’s ability to fund it operating activities into the second
quarter of 2025. Forward-looking statements reflect Nurix’s current
beliefs, expectations, and assumptions regarding the future of
Nurix’s business, its future plans and strategies, its preclinical
and clinical results, future conditions and other factors Nurix
believes are appropriate in the circumstances. Although Nurix
believes the expectations and assumptions reflected in such
forward-looking statements are reasonable, Nurix can give no
assurance that they will prove to be correct. Forward-looking
statements are not guarantees of future performance and are subject
to risks, uncertainties and changes in circumstances that are
difficult to predict, which could cause Nurix’s actual activities
and results to differ materially from those expressed in any
forward-looking statement. Such risks and uncertainties include,
but are not limited to: (i) the ability of each party to perform
its obligations under the Nurix-Seagen collaboration; (ii) whether
the parties will be able to successfully conduct and complete
preclinical development, clinical development and commercialization
of any drug candidates under the Nurix-Seagen collaboration; (iii)
the unexpected emergence of adverse events or other undesirable
side effects during preclinical and clinical development; (iv)
whether Nurix will be able to fund development activities and
achieve development goals, including those under the Nurix-Seagen
collaboration; (v) risks and uncertainties relating to the timing
and receipt of payments from Nurix’s collaboration partners,
including milestone payments and royalties on future potential
product sales; and (vi) other risks and uncertainties described
under the heading “Risk Factors” in Nurix’s Quarterly Report on
Form 10-Q for the fiscal quarter ended May 31, 2023, and other SEC
filings. Accordingly, readers are cautioned not to place undue
reliance on these forward-looking statements. The statements in
this press release speak only as of the date of this press release,
even if subsequently made available by Nurix on its website or
otherwise. Nurix disclaims any intention or obligation to update
publicly any forward-looking statements, whether in response to new
information, future events, or otherwise, except as required by
applicable law.
Contacts:
InvestorsSilinda NeouNurix
Therapeuticsir@nurixtx.com
Elizabeth Wolffe, Ph.D.Wheelhouse Life Science
Advisorslwolffe@wheelhouselsa.com
MediaAljanae ReynoldsWheelhouse Life Science
Advisorsareynolds@wheelhouselsa.com
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