Denmarks' EpiTherapeutics in oncology drug collaboration with Abbott Labs

US health care major Abbott Laboratories (NYSE: ABT) has entered a collaboration agreement with privately-owned Danish firm EpiTherapeutics to develop new anti-cancer drugs by making small-molecule inhibitors against selected epigenetic oncology targets.

Under the terms of the accord, EpiTherapeutics, a company founded in October 2008 by Kristian Helin and colleagues from BRIC (Biotech Research and Innovation Center) at the University of Copenhagen, receives an undisclosed up-front payment and funding of its research activities. Furthermore, EpiTherapeutics is eligible, under certain conditions, to receive milestones as well as potential royalties on future revenues. Additional financial details were not disclosed. The collaboration runs for three years, with research activities to be conducted at both EpiTherapeutics and Abbott.

Martin Bonde, chief executive of EpiTherapeutics, commented: "We are very pleased with our drug discovery collaboration with Abbott, who brings tremendous expertise in the oncology field. Abbott's choice of EpiTherapeutics as a collaboration partner is recognition of our competencies within epigenetic biology and early drug discovery. We look forward to a fruitful collaboration with the aim of developing new anti-cancer drugs within the promising new area of epigenetics."