Summit Corp (LON:SUMM) this morning unveiled a collaboration with one of the world’s largest pharmaceuticals companies that could eventually be worth US$30 million per product in research, development and regulatory milestone payments.
Initially Bristol-Myers Squibb will pay US$100,000 fee to access the company’s Seglin technology.
It is hoped these second generation immunosugars will provide a radical new platform to develop drugs for illnesses such as Alzheimers.
The importance of proteins and nucleic acids is well established in drug discovery, but the targeting of carbohydrate biology remains largely underexploited. Seglin technology hopes to redress the balance.
The partnership is an early first step in the re-focused strategy set out by chief executive Glyn Edwards.
Last week he revealed he wanted “someone else to pick up the heavy lifting” on the exciting Seglin programme, which is still in the very early phase of development, to allow the company to focus on their two key drug candidates.
In C1100, the group has a potentially breakthrough treatment for Duchenne Muscular Dystrophy. Its second major discovert, SMT 19969, is a highly potent anti-biotic designed to tackle the hospital superbug C.difficile.
Edwards said this morning: “This agreement with Bristol-Myers Squibb further reinforces our strategy as we seek alternative ways to realise the value of our Seglin technology while we concentrate our resources on advancing our core Duchenne Muscular Dystrophy and C. difficile programmes.”
Under the terms of the agreement, Bristol-Myers will be responsible for the discovery stage research and will have the exclusive right to develop and commercialise any Seglin products that are identified.
The AIM listed group will receive afore mentioned technology access fee and is eligible for research, development and regulatory milestones of up to $30 million per product, plus royalties on worldwide sales of any products.