HitGen collaborates with Mitsubishi Tanabe Pharma

Chinese biotech firm HitGen has entered into a drug discovery research collaboration with Japanese drugmaker Mitsubishi Tanabe Pharma (TYO: 4508) to identify novel small molecule leads for targets of interest. The stock market reacted by marking Mitsubishi Tanabe’s shares down 2.31% to 1,607 yen following today’s announcement.

According to the agreement, HitGen, which was founded in 2012, will apply its advanced technology platform, based on DNA-encoded library design, synthesis, and screening system, to discover novel lead compounds. The collaboration will use HitGen’s libraries containing more than 300 billion individually DNA-encoded compounds. The DNA encoding of molecules enables screening and analysis of vast chemical space, supporting MTPC’s aim to increase success rates for the generation of target leads for new drugs and to drastically shorten screening timelines for expanding Mitsubishi Tanabe’s pipeline.

Under the terms of the agreement, HitGen will receive technology access and research support payments, and be eligible for milestone payments from Mitsubishi Tanabe. Financial details were not disclosed.