Roche taps RNA-focused Remix in billion-dollar deal streak
License out/inPhase 1mRNA
In its second transaction so far this week, Roche signed a collaboration and license agreement with Remix Therapeutics focused modulators of RNA processing. The deal will see Roche pay Remix as much as $42 million in upfront and near-term milestones, plus up to another $1 billion upon the achievement of certain clinical, commercial and sales targets.
It's not Roche's first foray into RNA therapeutics, but James Sabry, global head of Roche Pharma Partnering, says "we have been impressed by Remix and their scientific accomplishments with their REMaster drug discovery platform." The latest transaction comes a day after Roche signed a partnership focused on antibody-drug conjugates with MediLink that could also be worth close to $1 billion.
Centred on Remix's REMaster platform, the new collaboration emphasises the modulation of RNA processing to address underlying drivers of disease. Remix says its technology can identify RNA processing steps to degrade mRNA, enhance RNA production, or correct RNA dysregulation.
As part of the deal, Roche secures exclusive rights to specific targets, and will be responsible for development and commercialisation of any resulting products, for which it will receive tiered royalties. Remix will handle discovery and preclinical activities.
Another $60 million in the till
The start-up launched in 2020 with $81 million in hand, followed by another $70 million in a Series B round in 2022, to develop a pipeline of RNA processing targeted therapeutics. On Wednesday, remix separately announced that it closed $60 million in financing to advance its lead programme, REM-422, an MYB mRNA degrader currently in early development.
CEO Peter Smith said the new financing, led by The Column Group with contributions from a syndicate of investors, would allow Remix to advance REM-422 into Phase I testing for adenoid cystic carcinoma and acute myeloid leukaemia/myelodysplastic syndromes this year. Last month, Remix reported that REM-422 showed "robust antileukaemic activity" in preclinical models.
The company struck a similar RNA drug development deal with Johnson & Johnson potentially worth north of $1 billion and focused on applications in immunology and oncology.
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