Ratio enters license, collaboration agreement with Novartis for SSTR2-targeting Radiotherapeutic Candidate
Boston: Ratio Therapeutics Inc, has entered into an exclusive worldwide license and collaboration agreement with Novartis Pharma AG, a subsidiary of Novartis AG.
"The collaboration leverages Ratio’s radioligand therapy discovery and development expertise as well as its technology platforms for the development of a Somatostatin Receptor 2 (SSTR2) radiotherapeutic candidate for cancer," the release stated.
“The team at Ratio is honored and excited to partner with Novartis on the development of a next-generation SSTR2-targeting therapeutic,” said Jack Hoppin, Ph.D., Chief Executive Officer of Ratio. “Together, we aim to develop a best-in-class therapy in the fight against SSTR2-expressing tumors.”
“Radioligand therapies hold transformative potential for certain forms of cancer, and Novartis is committed to maximizing their impact by continually improving the benefit for patients,” said Fiona Marshall, President of Biomedical Research at Novartis. “We are delighted to collaborate with Ratio to advance this RLT candidate and work together to bring forward additional therapeutic options for patients with difficult-to-treat cancer.”
Under the terms of the agreement, Ratio will receive combined upfront and potential milestone payments up to $745m, and is eligible to receive tiered royalty payments. Ratio will collaborate with Novartis to drive preclinical activities to research and select an SSTR2-targeting development candidate. Novartis will assume responsibility for all remaining development, manufacturing, and commercialization activities.
Chestnut Partners served as exclusive financial advisor to Ratio for this transaction.
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