Orum Therapeutics Announces a Global, Multi-Target License and Option Agreement with Vertex for the Use of Orum’s TPD²® Technology to Develop Novel Degrader-Antibody Conjugates
16 July 2024 - 9:00PM
Business Wire
Orum to receive a $15 million upfront payment
and up to $310 million in potential option fees and milestone
payments per target plus tiered royalties
Orum Therapeutics (“Orum” or the “Company”), a clinical-stage
private biotechnology company pioneering the field of
degrader-antibody conjugates (DACs), today announced a global,
multi-target license and option agreement whereby it granted Vertex
Pharmaceuticals (“Vertex”) (Nasdaq: VRTX) rights to conduct
research using Orum’s Dual-Precision Targeted Protein Degradation
(TPD²®) technology for the discovery of novel targeted conditioning
agents for use with gene editing.
Following the research period for each target, Vertex will have
the option to obtain a worldwide, exclusive license to research,
develop, manufacture, and commercialize DACs developed with Orum’s
TPD² technology for that target. Under the terms of this agreement,
Orum will receive an upfront payment of $15 million and is eligible
to receive additional option payments and milestones potentially
totaling up to $310 million per target for up to three targets, as
well as tiered royalties on potential future global annual net
sales. Vertex is responsible for all research, development, and
commercialization.
“Vertex is a leader in discovering and developing innovative
medicines, including being the first to receive FDA approval of a
CRISPR/Cas9 gene-edited therapy, and we are pleased they’ve
selected Orum’s TPD² technology to discover novel targeted
conditioning agents," said Sung Joo Lee, Ph.D., CEO and founder of
Orum Therapeutics. “This agreement with Vertex creates the
potential to treat patients in a novel indication space with our
leading targeted protein degradation approach for an exciting new
therapeutic class of degrader-antibody conjugates.”
About Vertex
Vertex is a global biotechnology company that invests in
scientific innovation to create transformative medicines for people
with serious diseases. The company has approved medicines that
treat the underlying causes of multiple chronic, life-shortening
genetic diseases — cystic fibrosis, sickle cell disease and
transfusion-dependent beta thalassemia — and continues to advance
clinical and research programs in these diseases. Vertex also has a
robust clinical pipeline of investigational therapies across a
range of modalities in other serious diseases where it has deep
insight into causal human biology, including acute and neuropathic
pain, APOL1-mediated kidney disease, IgA nephropathy, autosomal
dominant polycystic kidney disease, type 1 diabetes, myotonic
dystrophy type 1 and alpha-1 antitrypsin deficiency.
Vertex was founded in 1989 and has its global headquarters in
Boston, with international headquarters in London. Additionally,
the company has research and development sites and commercial
offices in North America, Europe, Australia, Latin America and the
Middle East. Vertex is consistently recognized as one of the
industry's top places to work, including 14 consecutive years on
Science magazine's Top Employers list and one of Fortune’s 100 Best
Companies to Work For. For company updates and to learn more about
Vertex's history of innovation, visit www.vrtx.com or follow us on
LinkedIn, Facebook, Instagram, YouTube and Twitter/X.
About Orum’s TPD² Approach
Orum’s unique Dual-Precision Targeted Protein Degradation (TPD²)
approach builds novel targeted protein degraders combined with the
precise tumor cell delivery mechanisms of antibodies to generate
innovative, first-in-class, tumor-selective TPDs for the treatment
of cancer. Orum has developed new molecular glue degrader payloads
to specifically degrade an intracellular target protein within
cancer cells via the E3 ubiquitin ligase pathway. Conjugated to
antibodies, the payloads are designed to be delivered specifically
to cancer cells and degrade the intracellular target protein and
cause tumor cell death.
About Orum Therapeutics
Orum Therapeutics is a private, clinical-stage biotech
pioneering the development of cell-specific, targeted protein
degraders (TPD²®) and stabilizers (TPS²™) with the precision
of antibody targeting to improve cancer treatment for more
patients. The lead therapeutic candidate from the TPD² GSPT1
platform, ORM-5029, is in clinical development for the treatment of
HER2-expressing solid tumors. The TPS² approach uses proprietary
Cbl-b inhibitor payloads conjugated to immune cell- or tumor
cell-targeting antibodies. Orum is located in Lexington, MA, US,
and Daejeon, South Korea. For more info, visit www.orumrx.com.
Orum Therapeutics Forward-Looking Statements
This press release contains forward-looking statements that are
based on the current expectations and beliefs of Orum Therapeutics,
Inc. (“Orum”). Statements in this release regarding matters that
are not historical facts, including, but not limited to, statements
relating to the potential therapeutic value of Orum’s technologies
and TPD2 approach; the potential for successful completion of
research and the exercise of any option; the potential for the
payment of any option payments, milestones, or royalties; and the
potential for clinical success for ORM-5029 are forward-looking
statements. These forward-looking statements are based on
management’s expectations and assumptions as of the date of this
release and are subject to numerous risks and uncertainties, which
could cause actual results to differ materially from those
expressed or implied by such statements. These risks and
uncertainties include, without limitation, the uncertainty of
success in research and development activities; risks related to
clinical trials, including potential delays, safety issues, or
negative results; business decisions made by Vertex; competition
from alternative therapies; the risk that product candidates may
not be successfully commercialized or adopted; and risks related to
the recruitment and retention of key employees, fluctuating markets
and economic conditions, health care reform, prices, and
reimbursement rates. The forward-looking statements in this
presentation speak only as of the date of this release, and Orum
undertakes no obligation to update or revise any of the statements.
Orum cautions investors not to place considerable reliance on the
forward-looking statements contained in this release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240716475713/en/
Corporate: Kyuri Kim, Ph.D., Senior Manager, Business
Development, Orum Therapeutics, media@orumrx.com Media: Jessica
Yingling, Ph.D., President, Little Dog Communications Inc.,
+1-858-344-8091, jessica@litldog.com