Silence Therapeutics PLC Mallinckrodt Exercise of Options (1480T)
16 July 2020 - 4:05PM
UK Regulatory
TIDMSLN
RNS Number : 1480T
Silence Therapeutics PLC
16 July 2020
Silence Announces Mallinckrodt Exercise of Options for Two
Additional Complement Targets
Silence eligible to receive up to $700m milestones per
target
Double-digit royalties on net sales
16 July 2020
LONDON, Silence Therapeutics plc (LON: SLN) ("Silence" or "the
Company"), a leader in the discovery, development and delivery of
novel RNA therapeutics for the treatment of serious diseases, today
announces that Mallinckrodt plc has exercised the option, under the
collaboration agreement announced in July 2019, to obtain exclusive
worldwide licenses for two additional complement-targeted RNAi
assets from Silence. Silence will receive a $2 million milestone
payment upon initiation of work for each asset, the parties
anticipate starting work on both programmes in due course.
The collaboration between Silence and Mallinckrodt is aimed at
the development and commercialisation of RNA therapeutics designed
to inhibit or 'silence' the complement cascade, a group of proteins
that are involved in the immune system and that play a role in the
development of inflammation. These proteins are known to contribute
to the pathogenesis of many diseases, including autoimmune
diseases.
Under the terms of the collaboration agreement, Silence will be
responsible for preclinical activities and for executing the
development programme of each asset until the end of Phase 1, after
which Mallinckrodt will assume clinical development and
responsibility for the global commercialisation of the assets.
Mallinckrodt will fund Phase 1 clinical development including GMP
manufacture. Silence will fund all other preclinical activities.
Including the $2 million milestone outlined above, Silence is
eligible to receive up to $10 million in research milestones for
each asset, and up to $703 million per asset in clinical,
regulatory and commercial milestones. Silence will also receive
tiered, low double-digit to high-teen royalties on net sales for
each asset.
In addition to the two new targets announced today, Mallinckrodt
and Silence are already collaborating on the development of a RNAi
therapeutic designed to target C3. IND enabling activities have
been initiated for the C3 targeted programme (SLN500).
Iain Ross, Executive Chairman of Silence Therapeutics commented:
"Over the last year we have made great progress in our
collaboration with Mallinckrodt and we are very pleased that they
have exercised their option over two further complement targets.
Alongside our other recent deals with large pharma companies, this
is a further validation of our science; a testament to the quality
of our data and our dedication to treat serious diseases with high
unmet need."
For more information, please contact:
Silence Therapeutics plc Tel: +44 (0)20 3457
Iain Ross, Executive Chairman 6900
Rob Quinn, Chief Financial Officer
Investec Bank plc (Nominated Adviser and Tel: +44 (0) 20
Broker) 7597 5970
Daniel Adams/Gary Clarence
European IR Tel: +44 (0) 20
Consilium Strategic Communications 3709 5700
Mary-Jane Elliott/Chris Welsh/Angela Gray
silencetherapeutics@consilium-comms.com
U.S. IR Tel: +1 (443) 213-0505
Westwicke
Peter Vozzo
peter.vozzo@westwicke.com
About Silence Therapeutics plc
Silence Therapeutics is developing a new generation of medicines
by harnessing the body's natural mechanism of RNA interference, or
RNAi, within its cells. Its proprietary technology can selectively
inhibit any gene in the genome, specifically silencing the
production of disease-associated proteins. Silence's proprietary
RNA chemistries and delivery systems are designed to improve the
stability of molecules and enhance effective delivery to target
cells, providing a powerful modular technology well suited to
tackle life-threatening diseases. The Company has secured high
value research and collaboration agreements with AstraZeneca,
Mallinckrodt Pharmaceuticals and Takeda. For more information,
please visit: https://www.silence-therapeutics.com/
About Mallinckrodt plc
Mallinckrodt is a global business consisting of multiple wholly
owned subsidiaries that develop, manufacture, market and distribute
specialty pharmaceutical products and therapies. The company's
Specialty Brands reportable segment's areas of focus include
autoimmune and rare diseases in specialty areas like neurology,
rheumatology, nephrology, pulmonology and ophthalmology;
immunotherapy and neonatal respiratory critical care therapies;
analgesics and gastrointestinal products. Its Specialty Generics
reportable segment includes specialty generic drugs and active
pharmaceutical ingredients. To learn more about Mallinckrodt, visit
www.mallinckrodt.com .
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END
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