Scenic Biotech BV, a pioneer in developing cutting-edge science of genetic modifiers to develop breakthrough therapies, has reportedly inked a multi-year strategic partnership with Genentech Inc. to develop, discover, commercialize new therapeutics can target genetic modifiers.
As per the terms and conditions of the deal, Scenic biotech will use its ‘Cell-Seq’ platform and data warehouse of genetic modifiers to detect drug targets in several therapeutic areas. The partnership enables Genentech to choose numerous targets for further development with a possibility to extend the collaboration.
According to sources familiar with the knowledge of the matter, Scenic will receive an unrevealed upfront payment and is also eligible for additional target selection fees for drug targets taken forward by Genentech. Moreover, the company can also opt for success-based payments for each target based on the achievement of particular predetermined milestones, as well as sales of few products resulting from the partnership. The total value of the deal is expected to exceed the US $375 million.
Speaking on the deal, Dr. Sebastian Nijman, CSO, and Co-founder of Scenic Biotech said that the company’s partnership with Genentech is a great validation of its technology and both companies will together extend the utility of its platform beyond its present therapeutic areas of interest.
He added that the partnership also brings significant strategic value for the company as the deal enables it to realize the full potential of its genetic modifier expertise along with individually advancing its clinical programs towards clinical development.
The Company was founded in 2017 as a spin-out of the Netherlands Cancer Institute, and Oxford University and recently appointed Oscar Izeboud, Ph.D. as its Chief Executive Officer.
Scenic was established in 2017 as a spin-out of Oxford University and the Netherlands Cancer Institute. The company recently selected Oscar Izeboud, Ph.D. as its CEO.
Source credit - https://www.benzinga.com/pressreleases/20/09/b17578305/scenic-biotech-enters-into-genetic-modifier-collaboration-with-genentec