Salarius Plans To Enter $15B Protein Degradation Space With DeuteRx Deal

Salarius Pharmaceuticals Inc SLRX has agreed to acquire an oral, small molecule targeted protein degradation portfolio against cancer from DeuteRx LLC

  • The acquisition includes a lead drug candidate that Salarius has renamed SP-3164 (formerly DRX-164).
  • "This strategic acquisition is a transformative event for Salarius that significantly expands our development pipeline while building upon the momentum of our lead clinical-stage candidate, seclidemstat," stated David Arthur, CEO of Salarius. 
  • SP-3164 is a next-generation cereblon-binding molecular glue. Molecular glues are small molecules that commandeer the body's normal protein-degradation processes and induce selective elimination of cancer-causing proteins. 
  • Salarius plans to begin the first clinical trial in 2023.
  • As part of the agreement, Salarius and DeuteRx will collaborate to complete SP-3164 development activities and collaborate on the R&D of future products.
  • Under the agreement terms, DeuteRx will receive an upfront payment consisting of $1.5 million in cash and 1 million shares of restricted stock. 
  • SP-3164, DeuteRx is also entitled to receive up to $188 in milestone payments.
  • Additionally, DeuteRx is eligible to receive milestone payments of up to $84 million for each of two future products.
  • Price Action: SLRX shares traded 1.52% higher at $0.50 premarket on the last check Thursday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: BiotechM&ANewsPenny StocksHealth CareGeneralBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!