SyntheX and Bristol Myers Squibb Enter Into a Research Collaboration to Discover and Develop Targeted Protein Degradation (TPD) Therapeutics

-Collaboration will leverage SyntheX's proprietary ToRNeDO molecular glue discovery platform to discover small molecule degraders against targets of interest-

-SyntheX will receive a combined upfront of cash and an investment and will be eligible for potential performance-based milestone payments totaling up to $550 million, as well as royalties on net sales-

SAN FRANCISCO, Oct. 4, 2022 /PRNewswire/ -- SyntheX, Inc., an emerging growth biotechnology company innovating next-generation functional drug discovery engines, today announced a research collaboration and license agreement with Bristol Myers Squibb to discover, develop and commercialize novel small molecules using SyntheX's ToRNeDO platform for protein degradation. 

The collaboration will focus on discovering molecular glue degraders. Under the terms of the agreement, SyntheX will receive a combined upfront of cash and an investment and is eligible for up to $550 million in performance-based milestone payments, as well as royalties on global net sales of products.

SyntheX has developed proprietary platforms that leverage the power of synthetic biology to build next generation drug discovery engines. Using genetic engineering, SyntheX's platform technologies rely on functional intracellular drug selection as opposed to in vitro screening, which allows the company to discover functional molecular glues using a pre-specified E3 ligase and a neosubstrate of interest. The platform is versatile and can exploit many human E3 ligases. 

"Bristol Myers Squibb is a globally recognized pharmaceutical leader, and we are excited to work with them in targeted protein degradation (TPD), an extremely exciting scientific field with vast drug development opportunities," said Maria Soloveychik, Ph.D., Co-Founder and Chief Executive Officer of SyntheX. "We look forward to combining our ToRNeDO platform with Bristol Myers Squibb's clinical development expertise as we work to discover and deliver the next-generation of TPD therapies for patients in need."

SyntheX is an emerging growth biotechnology company harnessing the power of synthetic biology to build the next generation of drug discovery engines. SyntheX discovers and develops novel therapeutics for conventionally "undruggable" targets across a wide range of modalities and mechanisms of action. SyntheX has developed two proprietary platforms: ToRPPIDO, to discover functional disruptors of protein-protein interactions, and ToRNeDO, to discover molecular glue-based protein degraders using pre-specified E3 ligases and neosubstrates of interest. By relying on intracellular functional selection, the platforms identify potent hits from a first-pass selection. The Company's pipeline is comprised of multiple pre-clinical stage programs for high-value oncology targets. Based on its expertise, platforms and growing pipeline, SyntheX was twice awarded the MBC Golden Ticket sponsored by Celgene Corporation. SyntheX is headquartered in San Francisco, CA. 

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SOURCE SyntheX