Olema Pharmaceuticals Inc. and Aurigene Discovery Technologies have engaged in an exclusive global license deal to find and develop innovative cancer medicines, according to Dr. Reddy’s Laboratories.
The two businesses have teamed up to study, develop, and market innovative small molecule inhibitors of an oncology target that has yet to be identified.Aurigene Discovery Technologies that is a wholly-owned subsidiary of Dr. Reddy’s Laboratories, is a clinical-stage biotech business dedicated to delivering innovative therapies for the treatment of cancer and inflammation to market.
Olema will pay an upfront licensing fee of $8 million for rights to an existing Aurigene program as stated under the terms of the agreement. Aurigene will be eligible for royalties.The royalties will range from the mid-single digits to the low double digits determined by yearly net sales, as well as up to $60 million in potential clinical research and regulatory milestones and up to $370 million in potential commercial milestones.
During the research period, Olema will provide funding to Aurigene to help with the ongoing study. Olema and Aurigene will collaborate on future preclinical studies, and if the project is successful, Olema will be in charge of clinical development, regulatory affairs, and commercialization.
Dr. Reddy’s Laboratories is a pharmaceutical conglomerate. APIs, custom pharmaceutical services, generics, biosimilars, and differentiated formulations are among the products and services it offers. Gastrointestinal, cardiovascular, diabetology, cancer, pain management, and dermatology are some of our main therapeutic areas of interest.
In Q4 March 2021, the drugmaker’s consolidated net profit fell 76 percent to Rs 87.50 crore, despite a 15% increase in revenues to Rs 5436.80 crore, compared to Q4 December 2021.
Dr. Reddy’s Laboratories’ stock rose 3% on the BSE Wednesday, closing at Rs 4326.10. Clearly the deal with Olema is a win-win situation for both parties and validates Aurigene’s expertise in the discovery and preclinical development of cancer medication.
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