Anchor Therapeutics licensing deal to net up to $480M
Cambridge biotech Anchor Therapeutics Inc. stands to receive up to $480 million from New Jersey-based Ortho-McNeil Janssen Pharmaceuticals Inc. (OMJPI), related to a collaborative research and licensing deal associated with Anchor’s pepducin technology.
The agreement calls for the two companies to develop drug candidates to treat cancer and metabolic disorders focused on G protein coupled receptor compounds.
Under terms of the deal, Anchor is eligible to receive up to $480 million from OMJPI stemming from upfront payments, research coverage and milestone payments based on development and regulatory goals.
Anchor’s pepducins are based on discoveries initially developed in the Tufts Medical Center laboratories. The company was previously known as Ascent Therapeutics Inc., when it pulled in a $19 million Series A round in 2008 from TVM Capital, HealthCare Ventures and the Novartis Option Fund. Last month, Anchor closed on a $10 million Series B financing from the same investors.