SpringWorks In-Licenses TEAD Inhibitor Portfolio For Solid Tumor Settings

SpringWorks Therapeutics Inc SWTX has entered into an exclusive worldwide license agreement with Katholieke Universiteit Leuven (KU Leuven) and the Flanders Institute for Biotechnology (VIB) for the in-license of small molecule inhibitors of the TEA domain (TEAD) family of transcription factors for biomarker-defined solid tumors driven by aberrant Hippo pathway signaling.
The licensed portfolio includes advanced lead compounds and multiple backup compounds from diverse chemical series.
The company expects to nominate a development candidate and start preclinical studies in 2022.
Under the terms of the agreement, SpringWorks will pay KU Leuven and VIB an upfront payment of $11 million.
KU Leuven and VIB are also eligible to receive up to $285 million in milestone payments and tiered single-digit percentage royalties based on any future net sales.
The company closed the March quarter with cash and equivalents of $541 million.
Price Action: SWTX shares closed at 68.44 on Wednesday.