Epizyme shares soar as Celgene deal triggers $25 million milestone payment
US biotech company Epizyme (Nasdaq: EPZM) has announced the achievement of the proof of concept (POC) milestone in the EPZ-5676 DOT1L inhibitor clinical program, earning a $25 million payment under the company’s collaboration with US biotech company Celgene’s (Nasdaq: CELG). Shares of Epizyme were up 75% to $35.99 yesterday on the news.
The milestone was triggered by objective responses in patients with translocations of the MLL gene (MLL-r) as part of their 2012 agreement. These patients are currently enrolled in the fourth dose cohort in the dose escalation stage of the ongoing Phase I clinical study and are receiving uninterrupted treatment with EPZ-5676.
Epizyme also announced that a development candidate milestone has been achieved for one of the three histone methyltransferase (HMT) targets included in the company’s collaboration with UK pharma major GlaxoSmithKline (LSE: GSK), earning a $4 million payment, after the deal in 2011.
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