Nurix Therapeutics Collaborates with Seagen in Multi-Billion Dollar Deal

Nurix Therapeutics, a clinical-stage biopharmaceutical company based in San Francisco, has announced a groundbreaking collaboration with biotechnology company Seagen. This partnership is expected to be worth billions of dollars and focuses on advancing a new class of cancer medicines known as degrader-antibody conjugates.

Transforming Cancer Treatment

The collaboration between Nurix and Seagen aims to deliver targeted protein degraders that selectively kill cancer cells. Nurix will utilize its innovative DELigase platform to develop a suite of targeted protein degraders against multiple targets identified by Seagen. Subsequently, Seagen will take responsibility for conjugating the degraders to antibodies, creating degrader-antibody conjugates, and progressing the drug candidates through preclinical and clinical development, as well as commercialization.

Promising Financial Terms

As part of the collaboration, Nurix will receive an upfront payment of $60 million from Seagen. Furthermore, Nurix stands to gain up to $3.4 billion in milestone payments and will also receive royalties on product sales. This significant investment underlines the potential value that both companies see in the development of these cancer-fighting therapies.

Extending Growth Opportunities

By partnering with Seagen, Nurix secures a strong foothold in the fast-evolving field of targeted protein degradation technology. Importantly, the $60 million upfront payment will extend Nurix's runway until the second quarter of 2025, allowing for further research and development efforts.

Market Response

Investors have responded positively to this announcement, with shares of Nurix Therapeutics rising by 9.2% in premarket trading. This surge reflects the enthusiasm surrounding this promising collaboration and recognition of the potential impact it could have on cancer treatment.