Pinetree Therapeutics Announces Exclusive Option and Global License Agreement for Preclinical EGFR Degrader Candidate with AstraZeneca

Rhea-AI Summary

Pinetree Therapeutics has entered into an exclusive option and global license agreement with AstraZeneca for a preclinical EGFR degrader candidate. The deal includes:

• Up to $45 million in upfront and near-term payments
• Total deal value of over $500 million, including potential milestone payments
• Tiered royalties on net sales worldwide

Pinetree's pan-EGFR degrader, developed from their proprietary AbReptor™ multispecific antibody platform, has shown promising preclinical anti-tumor activity in drug- and TKI-resistant tumors. The agreement allows AstraZeneca to exclusively license the candidate for global development and commercialization.

Positive

• Potential for up to $45 million in upfront and near-term payments
• Total deal value exceeding $500 million including milestone payments
• Tiered royalties on net sales worldwide
• Promising preclinical anti-tumor activity in drug- and TKI-resistant tumors
• Enhanced activity when used in combination with current EGFR inhibitors

Negative

• None.

Pinetree to receive up to $45 million in upfront and near-term payments, with a total deal value of over $500 million including potential additional development and commercial milestone payments

CAMBRIDGE, Mass., July 23, 2024 /PRNewswire/ -- Pinetree Therapeutics, Inc. ("Pinetree" or the "Company"), a biotechnology company pioneering next generation targeted protein degraders (TPD) to combat drug resistance in oncology and beyond, today announced it has entered into an exclusive option and global license agreement with AstraZeneca (LSE/STO/Nasdaq: AZN) for a preclinical EGFR degrader candidate.

Under the terms of the agreement, AstraZeneca will be granted an exclusive option to license Pinetree's preclinical EGFR degrader for global development and commercialization. In exchange, Pinetree will receive upfront and near-term payments of up to $45 million and is eligible to receive additional development and commercial milestone payments for a total deal value of over $500 million, as well as tiered royalties on net sales worldwide.

"We are excited to announce this option and license agreement with AstraZeneca, a leading global biopharmaceutical company, to advance one of our novel receptor degrader programs into the clinic," said Dr. Hojuhn Song, Founder and CEO of Pinetree. "Pinetree's pan-EGFR degrader was developed from AbReptor^™, our proprietary multispecific antibody platform and has demonstrated promising preclinical anti-tumor activity in drug- and TKI-resistant tumors as well as enhanced activity when used in combination with current EGFR inhibitors."

"Targeted protein degradation is a promising therapeutic modality. We are pleased to enter into this agreement with Pinetree, for an exclusive option to license its pan-EGFR degrader for investigation in EGFR expressing tumors, including those with EGFR mutations" said Puja Sapra, Senior Vice President, Oncology Targeted Discovery, Oncology R&D, AstraZeneca.

Pinetree is also advancing multiple preclinical candidates derived from its AbReptor^™ TPD platform with potential in oncology and other therapeutics areas.

About Pinetree Therapeutics, Inc.

Established to combat drug resistance in oncology and beyond, Pinetree's platform technology, AbReptor^™, is a best-in-class, transformative and modular antibody platform designed to degrade membrane-bound and extracellular proteins. Since its founding in 2019, Pinetree's platform has brought about several compelling pre-clinical programs in oncology and other therapeutic areas.

Please visit the Company's website at pinetreetx.com and connect on LinkedIn for more information.

Contact:
Clemens Reinshagen
admin@pinetreetherapeutics.com
Pinetree Therapeutics, Inc
Cambridge, MA
+1-617-945-2309

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SOURCE PineTree Therapeutics

FAQ

What is the value of Pinetree Therapeutics' deal with AstraZeneca (AZN) for the EGFR degrader candidate?

The deal has a total value of over $500 million, including up to $45 million in upfront and near-term payments, potential additional development and commercial milestone payments, and tiered royalties on net sales worldwide.

What is the focus of Pinetree Therapeutics' EGFR degrader candidate licensed to AstraZeneca (AZN)?

Pinetree's pan-EGFR degrader is designed to combat drug resistance in oncology, specifically targeting EGFR expressing tumors, including those with EGFR mutations.

How was Pinetree Therapeutics' EGFR degrader candidate developed?

The pan-EGFR degrader was developed using Pinetree's proprietary AbReptor™ multispecific antibody platform.

What preclinical results has Pinetree Therapeutics' EGFR degrader shown?

The EGFR degrader has demonstrated promising preclinical anti-tumor activity in drug- and TKI-resistant tumors, as well as enhanced activity when used in combination with current EGFR inhibitors.