Healthcare Industry News: Celgene
News Release - March 28, 2018
Abide and Celgene Enter Worldwide License Agreement for ABX-1772
Abide receives upfront payment and potential milestones and royaltiesSAN DIEGO, March 28, 2018 -- (Healthcare Sales & Marketing Network) -- Abide Therapeutics, a clinical-stage biopharmaceutical company focused on developing novel therapeutics targeting the serine hydrolase family of enzymes, announced today it has granted Celgene an exclusive worldwide license for ABX-1772, a preclinical drug candidate discovered by Abide. In connection with the license, Abide received an undisclosed payment and will be entitled to certain milestone payments and royalties on commercial sales.
Abide also announced that it has regained ex-US rights to ABX-1431 from Celgene, and the original collaboration agreement between the two companies and Celgene's option to acquire Abide have been terminated.
"We appreciate the support and collaborative spirit that has underscored our collaboration with Celgene, which has enabled us to optimize our innovative chemoproteomics platform to generate a strong pipeline." said Alan Ezekowitz, MBChB, DPhil, CEO and President of Abide Therapeutics.
About Abide Therapeutics
Abide Therapeutics is focused on developing first-in-class drugs for serious diseases with significant unmet medical need. An innovative discovery platform and a library of proprietary small molecules allow Abide to address biological pathways with therapeutics that enhance the body's normal physiological response to disease. The platform enables Abide to efficiently identify, modify, and validate small-molecule inhibitors that target serine hydrolases, a highly relevant but under-explored class of enzymes. Abide's initial area of focus is on addressing neurological disorders with limited treatment options through the endocannabinoid pathway.
Abide has offices in San Diego, California and Princeton, New Jersey. To learn more, visit www.abidetx.com.
Source: Abide Therapeutics
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