Business Wire

Proxygen Announces Strategic Collaboration with Merck to Develop Molecular Glue Degraders

Share

Proxygen, a leader in the discovery and development of molecular glue degraders, announced today that the company has entered into a strategic multi-year research collaboration and license agreement with Merck. Proxygen is eligible to receive up to €495 million ($554 million at the average USD/EUR FX rate of Q1 2022) in continuous R&D funding, upfront and success-based pre-clinical, clinical, regulatory, and commercial milestones, as well as additional royalty payments. Under the terms of the agreement, the companies will jointly identify and develop molecular glue degraders up to a clinical candidate stage.

We are incredibly excited to start this long-term collaboration with Merck, a globally recognized player in the pharmaceutical industry that shares our drive towards dynamic innovation for the benefit of patients. The partnership validates the unique potential of Proxygen’s glue degrader platform and strategically leverages our common strengths in the targeted protein degradation field,” says Dr. Bernd Boidol, CEO of Proxygen.

Molecular glue degraders re-direct the cell’s own quality control machinery towards disease-causing proteins, inducing their selective and complete elimination. Because of their capability to modulate protein classes that would not be amenable to traditional drug discovery approaches, glue degraders hold the promise of unlocking a large proportion of the undruggable target space and delivering innovative therapies for diseases with high medical need. The lack of scalable discovery strategies has however so far hindered the full exploitation of the clinical potential of molecular glue degraders.

By streamlining and fully integrating cutting-edge genomic, proteomic, and biochemical technologies, Proxygen has successfully developed a highly versatile glue degrader discovery engine. The ligase-agnostic screening approach enables the specific and unbiased identification of molecular glue degraders against difficult-to-drug or completely undruggable targets at large scale. The vast amounts of know-how and data generated in the discovery and chemical optimization of degrader molecules continuously improve the understanding of this novel modality and contribute to Proxygen’s pioneering role in the molecular glue degrader space.

About Proxygen
Founded in 2020, Proxygen is focused on the discovery and development of molecular glue degraders against targets of unmet medical need across various indications. While advancing its internal programs towards clinical development, the company also maintains strategic partnerships to co-create synergies along the drug development pipeline. With its headquarters and laboratory operations in Vienna, Austria, Proxygen employs talent both locally and remotely all over Europe. For more information, please visit www.proxygen.com.

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Proxygen GmbH
Bernd Boidol
Chief Executive Officer
office@proxygen.com

About Business Wire

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Ganymed Robotics Raises €21M to Complete the Development of Its Next Generation Surgical Robot and Prepare for a Commercial Launch7.7.2022 09:00:00 EEST | Press release

Ganymed Robotics, a developer of computer vision software and robotics technologies for orthopedic surgeons, announced it has raised €21 million in the oversubscribed first close of its Series B funding. The round was led by Cathay Health, with participation of Credit Mutuel Innovation, Kurma Partners, BNP Paribas Développement and internationally renowned surgeons. The funding will be used to: - Support Ganymed’s expansion in France and in the United States; - Finalize the industrial development of its surgical robotic assistant for knee arthroplasty (TKA); - Accelerate regulatory and marketing developments across geographies; - Diversify the innovation product pipeline. Since inception in 2018, Ganymed Robotics has experienced a rapid growth. In collaboration with world-class clinicians, it has validated its proprietary algorithms and collected unique in vivo data via a 100-patient observational study, successfully completed functional prototype tests, initiated industrialization of

The Solidarity Transport Hub Company Starts Looking for a Financial Investor7.7.2022 09:00:00 EEST | Press release

The Solidarity Transport Hub company from Poland is starting the process of selecting a Financial Partner experienced in investments in the infrastructure industry to run a joint venture in the form of a special purpose vehicle subsidiary of the STH ("Airport Component SPV"). The company is waiting for applications from interested contractors until August the 26th 2022. Solidarity Transport Hub (STH) is the largest infrastructure investment in Poland, which consists of constructing the largest airport in the Central Europe region as well as developing ca. 2000 km of new railways countrywide. STH`s projects are financed from three sources: treasury securities, commercial financing, and funds from the European Union. – From the very beginning, we were prepared to propose cooperation to potential investors. We are a reliable and attractive partner for foreign investors in the wake of the need to build a large airport, which will become the main transfer hub in our part of Europe – says Mi

ADVA Optical Networking SE: ADVA Optical Networking SE to enter into negotiations for a domination agreement or domination and profit and loss transfer agreement with Acorn HoldCo, Inc.7.7.2022 01:15:00 EEST | Press release

Today, Acorn HoldCo, Inc. (“Acorn HoldCo”) has informed ADVA Optical Networking SE (“ADVA”) about its intention to enter into negotiations regarding the conclusion of a domination agreement (“DA”) or a domination and profit and loss transfer agreement (“DPLTA”, either the DA or the DPLTA the “Agreement”) within the meaning of Sec. 291 para. 1 of the German Stock Corporation Act (Aktiengesetz) with Acorn HoldCo (or a subsidiary yet to be established) as the dominating entity and ADVA as the dominated entity. ADVA’s management board has decided to enter into negotiations for such an Agreement. The necessary preparatory measures include obtaining a valuation memorandum and proposing a contract auditor to be appointed by the court. The decision for or against the conclusion of an Agreement will be taken at a later date following a comprehensive review in consultation and coordination with Acorn HoldCo’s management. To be effective, an Agreement will require the approval of ADVA’s general m

ADVA CEO Brian Protiva to step down, CTO Christoph Glingener appointed as successor6.7.2022 23:45:00 EEST | Press release

ADVA (FSE: ADV) today announced that Brian Protiva is to step down as CEO. After a transition period of several weeks, Protiva will assume the role of vice chairman of Acorn HoldCo, Inc. (the holding company of Adtran and ADVA). Christoph Glingener will be appointed ADVA’s new CEO and will also continue as the company’s CTO. During Protiva’s 25-year tenure as chief executive officer, he successfully steered the company from a small start-up to an industry leader in metro WDM and Ethernet access devices. As ADVA is about to complete its business combination with Adtran, Protiva will support the further unification of the companies over the coming months. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220706005829/en/ Brian Protiva, CEO, ADVA (Photo: Business Wire) “Working side-by-side with Brian for eight years, I was privileged to see one of the industry‘s true leaders develop a world-class company. During his 25 years as A

MSCI Schedules Earnings Call to Review Second Quarter 2022 Results6.7.2022 21:30:00 EEST | Press release

MSCI Inc. (NYSE: MSCI), a leading provider of critical decision support tools and services for the global investment community, announced today it will release its results for the second quarter 2022 on Tuesday, July 26, 2022, before the market opens. A copy of the earnings release, as well as an earnings presentation and a quarterly update, will be made available on MSCI's Investor Relations website. MSCI's senior management will review the second quarter 2022 results on Tuesday, July 26, 2022 at 11:00 AM Eastern Time. To listen to the live event via webcast, visit the events and presentations section of MSCI's Investor Relations website, https://ir.msci.com/events-and-presentations or to join via telephone, please register yourself at https://ir.msci.com/events-and-presentations. Upon registration, telephone participants will receive a confirmation email detailing how to join the conference call, including a dial-in number and a unique participant pin that can be used to access the c

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom