Date: 2014-02-21
Type of information: Establishment of a new subsidiary in the EU
Compound: small molecule compounds targeting an undisclosed intracellular target
Company: Nuevolution (Denmark) Merck&Co (USA -NJ)
Therapeutic area:
Type agreement: licensing
Action mechanism: Nuevolution applies its Chemetics® platform to identify small molecule drug candidates for therapeutically important targets. Chemetics® uses proprietary innovative DNA labelling to allow small molecule screening at an unprecedented scale for lead discovery. The technology allows efficient screening of billions of molecules against biological targets.
Disease:
Details: * On February 21, 2014, Nuevolution has announced that it has entered an exclusive license agreement with a subsidiary of Merck & Co for small molecule compounds targeting an undisclosed intracellular target for use as leads in Merck’s drug discovery and development. Under terms of the agreement, Merck&co will gain exclusive rights for the further development and commercialization of the compounds. This is the second agreement between Nuevolution and Merck&co. With this agreement, Nuevolution delivers on its new strategy to transform from a technology platform biotech company to a lead compound development company, providing novel products to improve future health treatments for patients.
Financial terms: Nuevolution will receive an undisclosed upfront payment and milestone payments for certain preclinical, clinical and agreed upon commercial milestones. In addition, Nuevolution is eligible to receive royalties on the commercial sales of approved products. Further financial details were not disclosed.
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