Nurix Therapeutics To Receive Additional $22 Mln On Sanofi Collaboration Expansion - Quick Facts

(RTTNews) - Biopharmaceutical company Nurix Therapeutics, Inc. (NRIX) said Thursday it has expanded its global strategic collaboration with French drug maker Sanofi (SNYNF, SNY) to discover, develop and commercialize innovative targeted protein degradation drugs for patients with challenging diseases in multiple therapeutic areas.

Nurix said Sanofi has exercised its option to expand the number of targets in the collaboration agreement from three to a total of five targets.

Following the expansion, Nurix will receive a payment of $22 million, in addition to the previously received upfront payment of $55 million.

Further, Nurix is eligible to receive up to about $2.5 billion in total payments based on the successful completion of certain research, pre-clinical, clinical, regulatory and sales milestones.

As part of the multi-year collaboration signed in December 2019, Nurix is using its proprietary drug discovery platform, DELigase, that integrates its DNA-encoded libraries (DEL) and its portfolio of E3 ligases to create small molecules designed to induce degradation of specified drug targets.

Sanofi will have exclusive rights and be responsible for clinical development and commercialization of drug candidates resulting from the collaboration, while Nurix will have the option to co-develop and co-promote up to two products in the U.S. under certain conditions.

Nurix said it will be eligible for royalties on annual net sales of any commercial products that may result from the collaboration.

This excludes sales in the U.S. of any products for which Nurix exercises its option to co-develop and co-promote, for which Nurix and Sanofi share U.S. profits and losses evenly. Nurix will be eligible to receive royalties on ex-U.S. net sales on all optioned products. The collaboration excludes Nurix's wholly owned pipeline for which it retains all rights.