Magnet Biomedicine has entered a partnership and licence agreement with Eli Lilly to discover, develop and commercialise oncology molecular glue therapeutics.
The partnership aims to utilise Magnet’s TrueGlue discovery platform to detect molecular glues that can induce protein proximity and co-operativity.
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The approach allows for new mechanisms of action for difficult-to-drug targets which include several conditions with unmet needs.
Magnet will obtain $40m in upfront and near-term payments and equity investment, $1.25bn in development, regulatory and commercial milestones, and royalties on worldwide net sales.
Magnet Biomedicine CEO Brian Safina stated: “This collaboration supports our differentiated approach and efforts to re-imagine what’s achievable through the next generation of molecular glues to drive breakthrough therapies.
“Lilly’s commitment to innovation and deep expertise in bringing transformative medicines to patients make it an ideal partner for Magnet as we harness the untapped potential of molecular glues.”
Magnet’s TrueGlue platform employs screening technologies, chemical libraries and a strategic approach to choose target and presenter proteins to rationally and systematically detect TrueGlues.
When bound to presenter proteins, the TrueGlues create an interface of neo-protein-protein interaction.
This interaction facilitates the formation of a ternary complex with a target protein, leading to the engagement of the target protein in a presenter-dependent manner.
Magnet Biomedicine is exploring the possibilities of TrueGlues across disease areas including cancer and immune disorders, to address unmet medical needs.
In September 2023, the company announced $50m in Series A financing round.
Newpath Partners and ARCH Venture Partners jointly led this financing round to back the company’s differentiated approach to discovering and developing TrueGlues.
