NEW HAVEN: The privately owned biotech Arvinas LLC, based on research by Yale’s Craig Crews, entered a license agreement and research collaboration with Pfizer Inc. [NYSE: PFE] potentially worth more than $830 million. The agreement is for the discovery and development of drug candidates using Arvinas' proprietary PROTAC (PROteolysis TArgeting Chimeras) Platform. The technology developed by Crews is what the company calls, “a novel technology used to create small molecule therapeutics aimed at degrading disease-causing cellular proteins.”
Crews was recognized by Business New Haven in 2014 as the Researcher of the Year, Healthcare Hero. Company Chairman Tim Shannon led the founding investment for the company, he was recognized as a 2014 Healthcare Hero, Person of Merit as well.
|Houston Arvinas CEO: "Pfizer is uniquely positioned to partner with us as we exploit the potential of PROTACs in multiple disease areas."|
The multi-year agreement covers the discovery and development of potential PROTAC clinical candidates designed to degrade several key disease-causing proteins in multiple therapeutic areas. According to the company. Arvinas will "drive discovery efforts, and Pfizer will be accountable for clinical development and commercialization of any products that may result from this collaboration."
The company did not release the complete terms of the agreement but said “under the terms of the agreement, Arvinas may receive up to $830 million in upfront and potential development and commercialization milestone payments upon achievement of specified preclinical, clinical and commercial milestones. In addition, Arvinas may be entitled to receive tiered royalties based on global product sales on any products that may result from this collaboration.”
"As a global industry leader, Pfizer is uniquely positioned to partner with us as we exploit the potential of PROTACs in multiple disease areas," said John Houston, Ph.D., President and Chief Executive Officer of Arvinas. "This marks another key milestone as we continue to expand the use of our targeted protein degradation platform and advance Arvinas's first candidates into the clinic."
"Protein degradation is an area of considerable interest for us, and we look forward to working with Arvinas to determine the potential applicability of this approach across multiple therapeutic areas," said John Ludwig, Ph.D., Head of Medicinal Sciences, Pfizer.