Vertex Pharmaceuticals has acquired an undisclosed discovery-stage G protein-coupled receptor (GPCR) program from Septerna. Under the deal, Vertex will be responsible for continuing the research and development of the program. Septerna will receive a $47.5 million upfront payment and additional payments upon reaching a preclinical milestone and for using its GPCR Native Complex Platform. The transaction provides Septerna with non-dilutive funding to advance its GPCR-focused pipeline for various diseases.
Septerna, Inc., a biotechnology company discovering and advancing novel oral small molecule medicines targeting G protein-coupled receptors (GPCRs), today announced that it has signed a definitive asset purchase agreement with Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX) under which Vertex has acquired an undisclosed discovery-stage GPCR program.
Under the terms of the agreement, Vertex will be responsible for continuing the research and development of the novel GPCR program. Septerna will receive a $47.5 million upfront payment and will receive additional payments upon achieving a preclinical milestone and for use of the company’s GPCR Native Complex™ Platform.
“This agreement highlights the strength of our GPCR Native Complex™ Platform to rapidly deliver high quality programs against important targets as we aim to position ourselves as leaders in the discovery of GPCR-targeted medicines. As part of a continuous portfolio optimization process, the acquisition of this program by Vertex provides additional non-dilutive funding to allow us to continue to build a multi-product GPCR-focused pipeline for a wide range of diseases,” said Jeffrey Finer, M.D., Ph.D., chief executive officer and co-founder of Septerna. “This transaction, in conjunction with our recent Series B financing, brings in approximately $200 million to initiate new high value programs and to drive existing programs to the clinic, with the goal of delivering medicines that improve the lives of patients.”
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Source: Bio Space