Business
Shattuck Labs Enters into Strategic Collaboration and License Agreement with Ono Pharmaceutical to Generate Bifunctional Fusion Proteins for the Treatment of Autoimmune and Inflammatory Diseases
AUSTIN, TX and DURHAM, NC, Feb. 13, 2024 (GLOBE NEWSWIRE) -- Shattuck Labs, Inc. (Shattuck) (NASDAQ: STTK), a clinical-stage biotechnology company pioneering
About this update from Shattuck Labs, Inc.
[{"type":"text","content":"AUSTIN, TX and DURHAM, NC, Feb. 13, 2024 (GLOBE NEWSWIRE) -- Shattuck Labs, Inc. (Shattuck) (NASDAQ: STTK), a clinical-stage biotechnology company pioneering the development of bifunctional fusion proteins as a new class of biologic medicine for the treatment of patients with cancer and autoimmune disease, today announces a worldwide drug discovery collaboration with Ono Pharmaceutical Co., Ltd. (Ono), to generate novel bifunctional fusion proteins targeting certain pathways in autoimmune and inflammatory diseases. Under the terms of the agreement, Shattuck will receive an up-front payment and be eligible for success-based licensing, regulatory, and commercial milestone payments with a total value of up to $227 million, as well as tiered royalties based on global net sales. Shattuck will lead discovery research of certain prespecified compounds directed toward a pair of targets selected by Ono from Shattuck’s pipeline of bifunctional fusion proteins, and Ono will cover all of Shattuck’s associated research and development expenses. Shattuck granted to Ono an exclusive option to develop and commercialize multiple products resulting from the collaboration agreement. Following an option exercise, Ono will be responsible for further development and commercialization worldwide. “We are excited to embark upon this collaboration with Ono Pharmaceutical, a leading Japanese pharmaceutical company with a track record of scientific innovation, which was enabled by Shattuck’s protein engineering and development expertise with complex fusion proteins,” said Taylor Schreiber, M.D., Ph.D., Chief Executive Officer of Shattuck Labs. “We have prioritized autoimmune and inflammatory diseases for a select group of preclinical pipeline candidates as we continue to expand into areas of high unmet need. This collaboration aligns with our strategy to unlock further value from our bifunctional fusion protein platform and scientific expertise.” “We are actively working to create biologics in order to address unmet medical needs for a wide range of diseases. We appreciate Shattuck’s proprietary research and development capabilities and expertise in protein engineering, enabling the generation of functional biologics against therapeutic targets that have been difficult through conventional technologies and are excited to work with Shattuck’s team through t...