X-Chem, a privately held biotechnology company applying its innovative drug discovery platform to the generation of novel small molecule therapeutics, partnered with Ono Pharmaceutical. Under the terms of the agreement, X-Chem will apply its proprietary DEXTM libraries, which contain over 120 billion small molecules, toward the discovery of new drug leads against multiple promising, high-impact oncology targets.
Ono will have the option to license identified lead compounds and will be responsible for further development and commercialization of any resulting programs. X-Chem receives an upfront payment, research and licensing fees, and is eligible for additional payments linked to the successful achievement of pre-clinical and clinical development markers, as well as regulatory milestones, in addition to royalties on sales of products originating from the collaboration. No further financial terms will be disclosed.
“We are delighted to partner with Ono, one of the oldest pharmaceutical companies in the world and an important developer of innovative drugs,” said Rick Wagner, Ph.D., chief executive officer of X-Chem. “This is our third partnership with a Japanese company in the last three months, signaling the broad global interest of the pharma industry in X-Chem’s DEX platform for finding novel drug leads.”
“Ono identified X-Chem as the partner of choice for the generation of new drug leads for several high priority targets in our portfolio,” said Hiromu Habashita, Ph.D., corporate officer and executive director, Discovery and Research of Ono. “We are excited to work with X-Chem on identifying and developing the next generation of innovative oncology treatments.”