Celgene to spend nearly $1 billion on first-in-class WDR5 leukemia therapy

Canada-based Triphase Accelerator, together with its majority shareholder FACIT, today announced a new strategic collaboration with US biotech major Celgene (Nasdaq: CELG) for a first-in-class preclinical therapeutic targeting the WDR5 protein for the treatment of blood cancers including leukemia.

Triphase is a drug development company advancing novel compounds through Phase II proof-of-concept, including the WDR5 program.

Under the terms of the agreement, Celgene, currently the subject of a $74 billion acquisition by Bristol-Myers Squibb (NYSE: BMY), has the option to acquire TRPH-395 from Triphase Accelerator. Celgene will pay an upfront of $40 million and upon exercise of the option, will pay up to $940 million in contingent development, regulatory and sales milestones. Additional payments for sales-based royalties are also possible.