Sidley represented Nurix Therapeutics, Inc. (Nasdaq: NRIX), a clinical stage biopharmaceutical company developing targeted protein modulation drugs designed to treat patients with hematologic malignancies and solid tumors, in its multi-year, multi-target strategic collaboration agreement with Seagen Inc. (Nasdaq: SGEN) to advance a new class of medicines called Degrader-Antibody Conjugates (DACs) for use in cancer treatment.This strategic collaboration will focus on an innovative approach to combining two powerful technologies to target cancer — antibody-drug conjugation (ADC) and targeted protein degradation (TPD) — with the goal of creating drugs with new mechanisms of action as well as improved specificity and anti-cancer activity.
Under the terms of the agreement, Nurix will receive:
An upfront payment of US$60 million; and
The potential to receive up to approximately US$3.4 billion in research, development, regulatory, and commercial milestone payments across multiple programs.
In addition, Nurix will be eligible for mid-single to low double-digit tiered royalties on future sales, and Nurix retains an option for U.S. profit sharing and co-promotion on two products arising from the collaboration.
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