Remix Therapeutics enters collaboration with Roche

US clinical-stage biotech Remix Therapeutics today announced a collaboration and license agreement with Swiss pharma giant Roche (ROG: SIX) for the discovery and development of small molecule therapeutics that modulate RNA processing using Remix’s REMaster drug discovery platform, with the news sending its shares up 14% to $26.00 in pre-market activity.

As a result, Remix will receive an upfront payment of $30 million and is eligible for up to $12 million in near-term milestone payments, as well as pre-clinical, clinical, commercial and sales milestones of up to $1 billion and tiered royalties. In exchange, Roche will have exclusive rights to specific targets. Remix will conduct discovery and preclinical activities with Roche, and Roche will be responsible for development and commercialization of any resulting products.

“We’re excited to partner with a team with strong expertise and dedication to the field of interfering with targets at the RNA level,” said Peter Smith, president and chief executiv of Remix Therapeutics, adding: “Our collaboration with Roche provides an opportunity to further leverage our REMaster drug discovery platform and translate our cutting-edge science into new medicines.”