Abide Therapeutics has entered into a strategic collaboration with Celgeneto discover and develop new drugs in inflammation and immunology. Abide has pioneered innovative technologies to selectively target serine hydrolases, one of the largest enzyme families involved in regulating human physiology.
Abide has received an upfront payment for an undisclosed amount from Celgene. Celgene will take a small equity stake in Abide and will retain an exclusive option to acquire the company. Abide can earn additional payments if Celgene exercises its option to license the rest of the world rights on the first two products that reach the clinic. Furthermore, Abide may receive additional milestone payments upon successful development of those programs. Abide's existing venture investor, Cardinal Partners, also participated in the equity financing.
Abide will apply its technology platform, which can selectively and near-universally target the more than 200 members of the serine hydrolase “superfamily,” to discover new therapeutic targets and drug candidates for the treatment of inflammation and immunological disorders. Included in the collaboration is Abide's most advanced compound, AB101131, estimated to enter first human studies in 2015. Abide expects to generate another three to four developmental candidates during the term of the collaboration.