Incyte and Syros Announce Global Target Discovery and Validation Collaboration Focused on Myeloproliferative Neoplasms
January 08 2018 - 8:00AM
Business Wire
Incyte Corporation (NASDAQ:INCY) and Syros Pharmaceuticals, Inc.
(NASDAQ:SYRS) announced today that the companies have entered into
a target discovery, research collaboration and option agreement.
Under the agreement, Syros will use its proprietary gene control
platform to identify novel therapeutic targets with a focus in
myeloproliferative neoplasms (MPNs), and Incyte will receive
options to obtain exclusive worldwide rights to intellectual
property resulting from the collaboration for up to seven validated
targets. Incyte will have exclusive worldwide rights to develop and
commercialize any therapies under the collaboration that modulate
those validated targets.
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“The discovery and development of novel therapeutic approaches
to treat MPNs is an important area of focus at Incyte,” said Reid
Huber, Ph.D., Chief Scientific Officer of Incyte. “Through this
collaboration, we believe that Syros’ gene control platform will
allow us to advance our understanding of the underlying biology of
MPNs and potentially uncover new molecular targets for drug
discovery.”
“Our gene control platform has broad applicability across
diseases,” said Nancy Simonian, M.D., Chief Executive Officer of
Syros. “By working with Incyte, a leader in the discovery,
development and commercialization of therapies for MPNs, we aim to
leverage the promise of our platform to benefit patients with
diseases beyond our current areas of focus. Meanwhile, we can
continue advancing our own pipeline to achieve our long-term goal
of building a fully integrated company with therapies that make a
profound difference for patients.”
Terms of the Agreement
Under the terms of the agreement, Incyte will pay Syros $10
million upfront – including $2.5 million in cash and $7.5 million
in prepaid research and development (R&D) – and purchase a
total of $10 million in Syros common stock at $12.61 per share.
Should Incyte exercise all of its options under the agreement,
Syros could receive up to $54 million from Incyte in target
selection and option exercise fees. For products resulting from the
collaboration against each of the up to seven selected and
validated targets, Syros could receive up to $50 million in
development and regulatory milestones, as well as up to $65 million
in commercial milestones. Syros would also be eligible to receive
low single-digit royalties on sales of products resulting from the
collaboration.
The transaction is effective immediately.
About Incyte Corporation
Incyte Corporation is a Wilmington, Delaware-based
biopharmaceutical company focused on the discovery, development and
commercialization of proprietary therapeutics. For additional
information on Incyte, please visit the Company’s website at
www.incyte.com.
Follow @Incyte on Twitter at https://twitter.com/Incyte.
About Syros Pharmaceuticals
Syros is pioneering the understanding of the non-coding region
of the genome to advance a new wave of medicines that control
expression of genes. Syros has built a proprietary platform that is
designed to systematically and efficiently analyze this unexploited
region of DNA in human disease tissue to identify and drug novel
targets linked to genomically defined patient populations. Because
gene expression is fundamental to the function of all cells, Syros’
gene control platform has broad potential to create medicines that
achieve profound and durable benefit across a range of diseases.
Syros is currently focused on cancer and monogenic diseases and is
advancing a growing pipeline of gene control medicines. Syros’ lead
drug candidates are SY-1425, a selective RARα agonist in a Phase 2
clinical trial for genomically defined subsets of patients with
acute myeloid leukemia and myelodysplastic syndrome, and SY-1365, a
selective CDK7 inhibitor in a Phase 1 clinical trial for patients
with advanced solid tumors. Led by a team with deep experience in
drug discovery, development and commercialization, Syros is located
in Cambridge, Mass.
Forward-Looking Statements
Except for the historical information set forth herein, the
matters set forth in this press release contain predictions,
estimates and other forward-looking statements, including without
limitation statements regarding: whether the collaboration will
yield any validated targets, advance the understanding of MPNs or
benefit patients; whether Incyte will exercise any of its options
to exclusively license any such targets; and whether and when any
of the target validation fee, options exercise fees, milestone
payments or royalties under this collaboration will ever be paid by
Incyte. These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially,
including unanticipated developments in and risks related to:
research and development efforts related to the collaboration
programs; the possibility that results of clinical trials may be
unsuccessful or insufficient to meet applicable regulatory
standards or warrant continued development; other market or
economic factors; unanticipated delays; each company’s ability to
compete against parties with greater financial or other resources;
greater than expected expenses; and such other risks detailed from
time to time in each company’s reports filed with the Securities
and Exchange Commission, including the Form 10-Q for the quarter
ended September 30, 2017 filed by each company. Each party
disclaims any intent or obligation to update these forward-looking
statements.
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version on businesswire.com: http://www.businesswire.com/news/home/20180108005822/en/
Incyte CorporationMediaCatalina Loveman,
+1-302-498-6171cloveman@incyte.comorInvestorsMichael Booth,
DPhil, +1-302-498-5914mbooth@incyte.comorSyros Pharmaceuticals,
Inc.MediaNaomi Aoki,
+1-617-283-4298naoki@syros.comorInvestorsHannah Deresiewicz,
+1-212-362-1200hannahd@sternir.com
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