AstraZeneca Strikes $45M EGFR Deal with Pinetree

Pinetree Therapeutics has entered into a significant collaboration with AstraZeneca to develop a preclinical EGFR degrader, securing an upfront payment of $45 million. In addition to this initial amount, AstraZeneca has committed up to $500 million in milestone payments and potential royalties on net sales should the therapy reach the market. The agreement grants AstraZeneca an exclusive option to license and globally develop and commercialize the EGFR degrader.

The innovative therapy was created using Pinetree's AbReptor TPD platform. This platform is specifically designed to target and degrade membrane-bound and extracellular proteins, aiming to discover new treatments that can tackle drug resistance in oncology. Since its establishment in 2019, Pinetree has been diligently working in the background, focusing on developing cutting-edge therapies. The biotech company successfully raised $23.5 million in a Series A1 funding round in June 2022. The round saw participation from investors such as InterVest, SK Securities, DSC Investment, J Curve Investment, Samho Green Investment, and SJ Investment Partners.

The leadership at Pinetree is spearheaded by Dr. Hojuhn Song, who has an impressive background, having previously served as a project team leader at the Novartis Institute for Biomedical Research, which has since been renamed to Novartis Biomedical Research.

AstraZeneca brings a wealth of experience in the EGFR domain, notably through its leading cancer medication, Tagrisso. This medication has received broad approvals for treating EGFR-mutated non-small cell lung cancer. The collaboration with Pinetree aims to develop a new therapy targeting EGFR-expressing tumors, including those with EGFR mutations, as highlighted by Puja Sapra, senior vice president of Oncology Targeted Discovery, Oncology R&D at AstraZeneca. 

The partnership between Pinetree and AstraZeneca marks a significant step in the ongoing efforts to develop innovative cancer therapies. The combination of Pinetree's cutting-edge technology and AstraZeneca's extensive expertise in oncology has the potential to bring new hope to patients battling drug-resistant cancers.

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