Sprint Bioscience licenses the cancer drug program Vps34 to Deciphera Pharmaceuticals

STOCKHOLM, Aug. 3, 2021 /PRNewswire/ -- Sprint Bioscience AB (publ) announces today that the company has licensed its cancer drug program Vps34 to the US pharmaceutical company Deciphera Pharmaceuticals. The license agreement covers exclusive global rights to the program. The agreement has a total potential value of up to USD 277 million, plus additional tiered percentage royalties ranging from the mid-single-digits to the low-double-digits on the sales of a future drug from the program, if approved. On signing of the agreement, Sprint Bioscience will receive an upfront payment of USD 4 million, which will be entered into the accounts for the third quarter of 2021.

The chosen partner, Deciphera Pharmaceuticals Inc., founded in 2003, is a pharmaceutical company focused on delivering important new medicines to patients for the treatment of cancer. The company has an approved product on the market in multiple geographies, as well as three product candidates in clinical development. The company is listed on the Nasdaq Global Select Market with a market cap of approximately USD 2 billion. With a clear focus on improving the lives of people living with cancer and demonstrated expertise in bringing a new drug to market, Deciphera is considered to be an extremely attractive partner for the Sprint Biosciences Vps34 program. Deciphera will assume full responsibility for resource allocation as it continues research efforts, and for taking the program to the clinic and further onto the market.

"Today's announcement represents Deciphera's focus to discover, develop, and deliver important new medicines to patients for the treatment of cancer, as well as an effort to complement our robust internal research programs with partnership opportunities such as this one. This Vps34 program fits well with our growing pipeline, and enhances our efforts to explore the potential for regulating autophagy in cancer," said Dan Flynn, Executive Vice President and Chief Scientific Officer (CSO) of Deciphera Pharmaceuticals.

Deciphera will now take over the program's continued development and all associated costs.

"The licensing agreement with Deciphera Pharmaceuticals is the most comprehensive to date that Sprint Bioscience has signed and further proof of our ability to continuously generate groundbreaking programs with great commercial potential. We have an increasing number of programs in our portfolio where well-funded partners take over responsibility and all costs for continued development at an early stage, while we are eligible for milestone payments when the programs achieve predetermined goals. As the number of out-licensed programs increases and further develops, we create more and more opportunities for revenues. The total revenue potential from our active licensing agreements has now increased to approximately USD 747 million, plus royalty payments," said Erik Kinnman, CEO of Sprint Bioscience.

In addition to the upfront payment, Sprint Bioscience is entitled to payments linked to predefined milestones during the project's further development, regulatory process and commercialization of a drug. With the upfront, the total value of these payments amounts up to USD 277 million.Should the program result in an approved drug, Sprint Bioscience is also entitled to tiered percentage royalties ranging from the mid-single-digits to the low-double-digits on the sales of a future drug from the program, if approved.

This disclosure contains information that Sprint Bioscience is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 03-08-2021 22:15 CET.

CONTACT:

For further information, kindly contact:

Erik Kinnman, CEO, Sprint Bioscience
Tel: 08-411 44 55
E-mail: [email protected]
www.sprintbioscience.com

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SOURCE Sprint Bioscience