Septerna out-licenses novel GPCR-targeted program to Vertex

US biotech start-up Septerna says it has signed a definitive asset purchase agreement with Vertex Pharmaceuticals (Nasdaq: VRTX) under which Vertex has acquired an undisclosed discovery-stage G protein-coupled receptor (GPCR) program.

Under the terms of the accord, Vertex will take on responsibilty for continuing the research and development of the novel GPCR program. In return, Septerna will receive a $47.5 million upfront payment and is eligible for additional payments upon achieving a pre-clinical milestone and for use of the company’s GPCR Native Complex Platform.

Septerna emerged from stealth in January last year, with a Series A financing of $100 million, that was led by Third Rock Ventures.