Sosei Group Corporation will receive a US$3.75 million milestone payment under the 2019 multi-target Research Collaboration and License Agreement with Genentech, a member of the Roche Group. The discovery-based payment is related to progression of a potential first-in-class project targeting an undisclosed G protein-coupled receptor (“GPCR”). Genentech will now be responsible for further development and commercialization of this potential new medicine.
This milestone is the latest of an ongoing collaboration that utilizes Sosei Heptares’ proprietary GPCR-focused structure-based drug design capabilities combined with Genentech’s discovery, development and therapeutic area expertise directed towards multiple GPCR targets nominated by Genentech.
Under the terms of the agreement, Sosei Heptares is eligible to receive future milestone payments from Genentech, which in total may exceed US$1 billion upon achieving pre-specified research, development and commercialization events.
Dr. Matt Barnes, President of Heptares Therapeutics and Head of UK R&D at Sosei Heptares, said: “We are extremely pleased to see the progression of this novel first-in-class project. The insight and expertise from both companies from target selection and drug discovery is a truly exciting combination and further demonstrates the productivity of our structure-based drug design platform. We look forward to further achievements from this successful partnership.”
The milestone payment will be recognized as revenue in the fourth quarter of the financial year ending 31 December 2023.
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