Almac Discovery signs $360 million-plus deal with Genentech

Northern Ireland-based cancer drug developer Almac Discovery has entered into a research and licensing agreement with Genentech, a subsidiary of Swiss pharma giant Roche (ROG: SIX) Group to discover and develop small-molecule inhibitors of a ubiquitin specific protease (USP) target.

Under the terms of the agreement, Almac Discovery will get an upfront of $14.5 million, and will be eligible to receive up to $349 million in payments based on achievement of certain predetermined milestones as well as escalating tiered royalties on potential commercial sales of multiple products to the target by Genentech.

Almac Discovery’s novel, potent and selective small molecule inhibitors will be the starting point for a two-year joint research program funded by Genentech, which will be responsible for all preclinical and clinical development and commercialization of products arising from the collaboration.