- Partnership leverages proprietary PHICS™ technology to bring together a kinase and target of interest to modulate protein function, in this case an undisclosed cardiometabolic target
- Total potential deal value up to $186M in upfront, development and commercial milestone payments, in addition to R&D funding and tiered royalty payments on commercial sales
WALTHAM, Mass., Dec. 18, 2024 (GLOBE NEWSWIRE) -- Photys Therapeutics, Inc., a proximity-based therapeutics company, today announced a multi-year collaboration and license agreement with Novo Nordisk to develop novel proximity-based therapeutics for a cardiometabolic disease target. The collaboration combines Novo Nordisk’s deep expertise in cardiometabolic diseases with Photys’ proprietary PHICS™ (PHosphorylation Inducing Chimeric Small molecules) technology, which induces proximity between a kinase and a target of interest to phosphorylate the target and thereby alter its biologic function.
Under the terms of the agreement, Photys is eligible to receive up to $186M in upfront, development and commercial milestone payments, in addition to R&D funding and tiered royalty payments on commercial sales. Under the proposed R&D plan, Novo Nordisk and Photys will collaborate on multiple PHICS molecules for the cardiometabolic target. Photys will advance the PHICS molecules through preclinical development, at which point Novo Nordisk will further advance the PHICS molecules through IND-enabling studies and clinical development.
“This collaboration represents a strong alignment between the desire to control a critical protein and a technology capable of doing so in a tissue-specific manner,” said Alexandra Joseph, Ph.D., Chief Scientific Officer of Photys. “We believe that our PHICS™ technology is an important addition to the arsenal of induced proximity modalities through its novel ability to selectively control phosphorylation of any given target.”
“We look forward to working with Photys on its differentiated induced proximity platform as we explore novel technologies to reach important targets with a high degree of efficacy and selectivity,” said Dr. Bei Zhang, Corporate Vice President and Therapeutic Area Head of Diabetes, Obesity, and MASH at Novo Nordisk. “Together, we hope to unlock new opportunities within cardiometabolic diseases.”
“We are excited to bring together Novo Nordisk’s leadership and expertise in cardiometabolic diseases with our unique induced proximity PHICS technology with the goal of advancing a new class of medicines for patients,” said Brian Fenton, President and CEO of Photys.
About Photys Therapeutics
Photys Therapeutics is a proximity-based therapeutics company with a proprietary PHICS™ technology that induces proximity between a kinase and a target of interest. This results in the phosphorylation of the target to achieve a desired alteration of the target’s biologic function, which may be applied in a tissue-selective or cell compartment-selective manner depending on the kinase recruited. Photys is applying the PHICS™ technology and other induced proximity modalities to advance a best-in-class pipeline of medicines for oncology, autoimmune, and cardiometabolic diseases. Photys is based in Waltham, Massachusetts. For more information, please visit www.photys.com.
