Feb 23 2010
Viamet Pharmaceuticals, Inc. announced today that it has entered into a
licensing option agreement with the Novartis Option Fund. Under terms of
the agreement, Viamet will utilize its proprietary Metallophile™
Technology to discover and develop novel metalloenzyme inhibitors
against a specific metalloenzyme of high interest to Novartis. The
agreement includes an upfront fee and potential milestones totaling over
$200 million as well as product royalties.
“Partnering with Novartis on this key metalloenzyme target provides
Viamet with the opportunity to expand the Metallophile™ Technology
beyond our current development programs”
“Viamet’s Metallophile™ Technology is a powerful platform that enables
the rapid and cost-effective generation of best-in-class metalloenzyme
inhibitors,” stated Lauren Silverman, Ph.D., Managing Director, Novartis
Option Fund. “Metalloenzymes are a large class of enzymes, many of which
are closely related, and finding inhibitors that are potent yet
selective for a specific metalloenzyme can be very challenging. Viamet’s
Metallophile™ Technology offers the potential for the discovery and
development of superior metalloenzyme inhibitors with improved safety
and efficacy.”
“Partnering with Novartis on this key metalloenzyme target provides
Viamet with the opportunity to expand the Metallophile™ Technology
beyond our current development programs,” commented Robert Schotzinger,
M.D., Ph.D., President and Chief Executive Officer of Viamet. “We
believe that the Metallophile™ Technology can be applied to all
metalloenzymes, which represents a large commercial opportunity that is
beyond our capacity to pursue independently. Working with quality
partners, such as Novartis, will allow us to fully exploit our
technology and realize its full potential.”
Source:
Viamet Pharmaceuticals, Inc.