Olema Oncology and Aurigene Announce Exclusive Collaboration and License Agreement to Discover and Develop Novel Cancer Therapies
June 09 2022 - 7:30AM
Olema Pharmaceuticals, Inc. (“Olema” or “Olema Oncology,” Nasdaq:
OLMA) and Aurigene Discovery Technologies Limited (“Aurigene”)
today announced an exclusive global license agreement to research,
develop and commercialize novel small molecule inhibitors of an
undisclosed oncology target.
Under the terms of the agreement, Olema will make an upfront
licensing payment of $8 million for rights to a pre-existing
Aurigene program. Aurigene will be eligible for up to $60 million
in potential clinical development and regulatory milestones and up
to $370 million in potential commercial milestones, as well as
royalties ranging from the mid-single digits to the low double
digits based on annual net sales. During the research term, Olema
will contribute funding to Aurigene to facilitate ongoing discovery
efforts. Olema and Aurigene will jointly direct further preclinical
work and, if successful, Olema will lead clinical development as
well as regulatory and commercial activities. Olema continues to be
well capitalized with sufficient cash to fund our planned research
and development operations into the second half of 2024.
“We continue to have confidence in OP-1250 and its potential to
become the endocrine therapy of choice for ER+ / HER2- breast
cancer, and believe this collaboration will give us an opportunity
to expand our focus on new treatments for cancer in women. Aurigene
has an impressive history of successful collaborations and combined
with Olema’s deep understanding of cancer biology and extensive
development expertise, we believe this is a strong strategic
opportunity to enhance our growing discovery portfolio,” said Sean
P. Bohen, M.D., Ph.D., President and Chief Executive Officer of
Olema Oncology.
“This agreement with Olema further validates Aurigene’s proven
expertise in discovery and preclinical development of effective
cancer therapeutics” said Murali Ramachandra, Ph.D., Chief
Executive Officer of Aurigene. “We look forward to the continued
development of an Aurigene program, which will now be ably
supported by the extensive development capability of Olema.”
About Olema Oncology
Olema Oncology is a clinical-stage biopharmaceutical company
focused on the discovery, development and commercialization of
targeted therapies for women’s cancers. Olema’s lead product
candidate, OP-1250, is an orally-available small molecule with
combined activity as both a complete estrogen receptor (ER)
antagonist (CERAN) and a selective ER degrader (SERD). It is
currently being evaluated as a single agent in an ongoing Phase 1/2
clinical trial, and in Phase 1b combination with palbociclib, in
patients with recurrent, locally advanced or metastatic ER-positive
(ER+), human epidermal growth factor receptor 2-negative (HER2-)
breast cancer. Olema is headquartered in San Francisco and has
operations in Cambridge, Massachusetts.
About AurigeneAurigene Discovery
Technologies Limited is a clinical stage biotech company committed
to bringing novel therapeutics for the treatment of cancer and
inflammation and a wholly owned subsidiary of Dr. Reddy’s
Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY,
NSEIFSC: DRREDDY). Based in Bangalore and Kuala Lumpur, Aurigene
has developed deep expertise in cancer and inflammatory disorders,
and has continuously invested in its people resources and
infrastructure over the years. In the two decades of working with
Pharma, Biotech and Academic partners, Aurigene has contributed to
delivering 16 small molecule and peptide drug candidates, currently
in clinical development. Aurigene has also out-licensed several
first-in-class and best-in-class compounds to pharma and biotech
companies for global clinical development, while undertaking
clinical POC studies for a few programs on its own. For more
information, please visit Aurigene’s website
at http://aurigene.com/.
Olema Forward Looking Statements
Statements contained in this press release regarding matters
that are not historical facts are “forward-looking statements”
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Words such as
“anticipate,” “expect,” “intend,” “will,” “may,” “goal,”
“estimate,” “potential” and similar expressions (as well as other
words or expressions referencing future events, conditions or
circumstances) are intended to identify forward-looking statements.
These statements include those related to the development of small
molecule inhibitors in collaboration with Aurigene and the
anticipated benefits of the same, the beneficial characteristics,
safety, efficacy and therapeutic effects of OP-1250, our ability to
expand our drug discovery portfolio, and the sufficiency of our
financial resources. Because such statements deal with future
events and are based on Olema’s current expectations, they are
subject to various risks and uncertainties, and actual results,
performance or achievements of Olema could differ materially from
those described in or implied by the statements in this press
release. These forward-looking statements are subject to risks and
uncertainties, including, without limitation, those discussed in
the section titled “Risk Factors” in Olema’s Quarterly Report on
Form 10-Q for the year quarter March 31, 2022 filed on May 9, 2022
and future filings and reports that Olema makes from time to time
with the United States Securities and Exchange Commission. Except
as required by law, Olema assumes no obligation to update these
forward-looking statements or to update the reasons if actual
results differ materially from those anticipated in the
forward-looking statements.
Olema Contact:
Eva Stroynowski
Vice President, Communications and Investor Relations
eva@olema.com
Aurigene Contact:
Subir Dubey
Vice President and Head of Business Development
subir_d@aurigene.com
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