A few months after its deal with Amgen, San Diego-based biotech Plexium has inked a deal with another Big Pharma – this time, it’s AbbVie.
While Amgen’s deal focused on the cancer space, AbbVie hopes to use Plexium’s “agnostic” targeted protein degradation (TPD) platform to screen for new therapies for neurological diseases, Plexium announced today.
The deal includes $35 million upfront and $530 million in downstream milestones, along with future royalties for each of the five unspecified targets that Plexium will be screening for new therapies, Plexium CEO Percival Barretto-Ko told Endpoints News.
TPD takes advantage of the body’s pre-existing protein destruction system via “molecular glues” and monovalent degraders that help jumpstart that destruction process, what Barretto-Ko says is “quite an elegant therapeutic approach.” Plexium’s high-throughput…
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