Celgene to receive exclusive options to license a number of Skyhawk's product candidates directed to multiple high-value autoimmune disorder, oncology, and immuno-oncology targets.
Skyhawk to receive $80 Million upfront payment and is eligible for potential milestone payments and royalties.
WALTHAM, Massachusetts, Nov. 12, 2019 /PRNewswire/ -- Skyhawk Therapeutics, Inc. (Skyhawk) today announced that it has entered into a second global strategic collaboration with an affiliate of Celgene Corporation (NASDAQ: CELG). This new agreement follows the June 2018 collaboration between the two companies and focuses on targets relevant to the field of autoimmune disorders, oncology, and immuno-oncology, providing further validation of Skyhawk's proprietary SkySTARTM technology platform. The scope of the collaboration allows the parties to systematically interrogate a range of targets that have been clinically validated or are highly associated with the genetic basis of disease but have been considered undruggable using conventional small molecule therapies.
Under the collaboration agreement, Skyhawk grants Celgene options to exclusively license worldwide intellectual property rights to candidates discovered and developed under the collaboration that are directed to program targets. Following Celgene's exercise of its option, Celgene will be responsible for further development and commercialization.
"Our impressive progress to date on targets that are part of our 2018 collaboration has led Celgene to enter into this new agreement focused on challenging targets beyond neurology," said Bill Haney, co-founder and CEO of Skyhawk Therapeutics. "This provides further evidence of the ability of our SkySTARTM technology platform to rapidly identify druggable sites and unique chemical matter to correct mRNA mis-splicing that may result in new treatment options for patients. We look forward to the advancement of programs under this new collaboration and the potential to bring new treatment options to patients with unmet medical needs."
"The Skyhawk team's rapid and substantive progress demonstrates to us the unique advantages of the SkySTARTM platform and led us to expand our relationship. We see Skyhawk's platform as a key disruptive technology that will support the autoimmune, oncology and immuno-oncology pipelines of the company we are today, and the company we are planning to be," said Rupert Vessey, M.A., B.M., B.Ch., F.R.C.P., D.Phil., President, Research & Early Development, Celgene Corporation."
About Skyhawk Therapeutics
Skyhawk Therapeutics is committed to discovering, developing and commercializing therapies that use its novel SkySTARTM (Skyhawk Small molecule Therapeutics for Alternative splicing of RNA) platform to build small molecule drugs that bring breakthrough treatments to patients.
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