Exelixis, STORM Collaborate To Discover And Advance Novel Drug Leads Intended For Cancer Treatment

(RTTNews) - Exelixis Inc. (EXEL) said it has reached an exclusive collaboration and license agreement with STORM Therapeutics. They will discover and advance novel drug leads intended for the treatment of cancer.

The collaboration will focus initially on ADAR1, advancing early work by STORM applying its proprietary RNA epigenetic platform, as well as explore an additional undisclosed target.

As per the terms of the deal, Exelixis will pay STORM an upfront fee of $17 million in exchange for licensing two of STORM's discovery programs targeting RNA modifying enzymes, including ADAR1, as well as provide funding for discovery research activities conducted or managed by STORM.

Exelixis will be solely responsible for global development, manufacturing and commercialization activities of any resulting molecules. STORM will be eligible for development, regulatory and commercialization milestones, as well as tiered royalties on the annual net sales of any compounds that are successfully commercialized under the collaboration.