AstraZeneca acquires Pinetree’s protein degrader for $45M upfront

AstraZeneca has taken a significant step in expanding its oncology portfolio by entering into an early-stage collaboration with Pinetree Therapeutics. The agreement grants AstraZeneca an exclusive option to license a preclinical EGFR-targeted protein degrader aimed at treating drug-resistant tumors. Under the terms of the deal, Pinetree will receive $45 million in upfront and near-term payments and could earn over $500 million in milestone payments, plus tiered royalties.

The candidate drug was developed using Pinetree’s AbReptor platform. This technology allows the creation of modular multi-specific antibodies designed to interact with an effector protein, thereby degrading a specific membrane-bound, extracellular protein. According to Hojuhn Song, CEO of Pinetree, the pan-EGFR program has shown promising preclinical anti-tumor activity in both drug-resistant and TKI-resistant tumors. It also demonstrated enhanced efficacy when combined with existing EGFR inhibitors.

This partnership aligns with AstraZeneca's strategic goal of achieving $80 billion in annual sales by 2030, marking a "new era of growth" focused primarily on its oncology, biopharmaceuticals, and rare disease portfolios. Oncology products are expected to contribute significantly to this growth, currently accounting for roughly 40% of the company's annual revenue.

The move to collaborate with Pinetree reflects a broader trend in the pharmaceutical industry towards targeted protein degradation. AstraZeneca is not the only major player pursuing this avenue. Earlier this year, Novo Nordisk entered the field through a $1.46 billion agreement with Neomorph, while Novartis secured a potentially billion-dollar-plus licensing deal with Arvinas. Bristol Myers Squibb leads the pack with six deals since 2022, including a recent partnership with VantAI to utilize its generative AI platform for designing molecular glues.

AstraZeneca’s own advancements in protein degradation are notable. The company's website highlights an automated, end-to-end, orally bioavailable protein degrader discovery platform, along with a range of pharmacology and safety assays designed to measure degradation levels and predict disease efficacy. They also offer several preclinical degrader tool compounds for partnering through their Open Innovation research program.

In addition to the Pinetree deal, AstraZeneca has engaged in other significant collaborations in the field. Last year, the company teamed up with the Francis Crick Institute and Imperial College London to discover new molecular glue degraders. This collaboration aims to identify novel degraders that could lead to new therapeutic approaches in oncology and beyond.

As AstraZeneca continues to explore and invest in targeted protein degradation, it is clear that the company is committed to advancing its oncology offerings. With the potential for substantial financial gains and the pursuit of innovative treatment options, AstraZeneca’s latest partnership with Pinetree Therapeutics marks a strategic move in its broader ambition to transform cancer care.