Abide Therapeutics Announces Collaboration with Merck
News May 03, 2013
Abide Therapeutics has announced that it has entered into a collaboration agreement with Merck, known as MSD outside the U.S. and Canada, to discover, develop and commercialize small-molecule therapies directed against three novel targets to treat metabolic diseases with a focus on type 2 diabetes.
"This collaboration leverages Abide's unique and innovative therapeutic engine," said Alan Ezekowitz, MBChB, D.Phil., President and CEO of Abide Therapeutics.
Ezekowitz continued, "We are eager to validate unique targets that we hope will lead to the development of novel therapeutics that will benefit patients with diabetes and metabolic diseases."
Under the terms of the agreement, Abide Therapeutics is eligible to receive an upfront payment, research funding, and potential milestone payments for up to $430 million for three products.
Further details of the financial terms were not disclosed. Merck will have worldwide commercialization rights to any products that may be developed as a result of the collaboration.
Abide Therapeutics is entitled to receive royalty payments on global sales from any such products.
"Diabetes and related disorders continue to represent a significant global, unmet medical need," said Nancy Thornberry, Senior Vice President and Franchise Head, Diabetes and Metabolism, Merck Research Laboratories.
Thornberry continued, "We look forward to working with Abide on the discovery and development of important new medicines."