Orum Therapeutics Announces a Global, Multi-Target License and Option Agreement with Vertex for the Use of Orum’s TPD²® Technology to Develop Novel Degrader-Antibody Conjugates
Orum to receive a $15 million upfront payment and up to $310 million in potential option fees and milestone payments per target plus tiered royalties
BOSTON, USA & DAEJEON, South Korea, July 16, 2024 – Orum Therapeutics (“Orum” or the “Company”), a clinical-stage private biotechnology company pioneering the field of degrader-antibody conjugates (DACs), today announced a global, multi-target license and option agreement whereby it granted Vertex Pharmaceuticals (“Vertex”) (Nasdaq: VRTX) rights to conduct research using Orum’s Dual-Precision Targeted Protein Degradation (TPD²®) technology for the discovery of novel targeted conditioning agents for use with gene editing.
Following the research period for each target, Vertex will have the option to obtain a worldwide, exclusive license to research, develop, manufacture, and commercialize DACs developed with Orum’s TPD² technology for that target. Under the terms of this agreement, Orum will receive an upfront payment of $15 million and is eligible to receive additional option payments and milestones potentially totaling up to $310 million per target for up to three targets, as well as tiered royalties on potential future global annual net sales. Vertex is responsible for all research, development, and commercialization.
“Vertex is a leader in discovering and developing innovative medicines, including being the first to receive FDA approval of a CRISPR/Cas9 gene-edited therapy, and we are pleased they’ve selected Orum’s TPD² technology to discover novel targeted conditioning agents," said Sung Joo Lee, Ph.D., CEO and founder of Orum Therapeutics. “This agreement with Vertex creates the potential to treat patients in a novel indication space with our leading targeted protein degradation approach for an exciting new therapeutic class of degrader-antibody conjugates.”
About Vertex
Vertex is a global biotechnology company that invests in scientific innovation to create transformative medicines for people with serious diseases. The company has approved medicines that treat the underlying causes of multiple chronic, life-shortening genetic diseases — cystic fibrosis, sickle cell disease and transfusion-dependent beta thalassemia — and continues to advance clinical and research programs in these diseases. Vertex also has a robust clinical pipeline of investigational therapies across a range of modalities in other serious diseases where it has deep insight into causal human biology, including acute and neuropathic pain, APOL1-mediated kidney disease, IgA nephropathy, autosomal dominant polycystic kidney disease, type 1 diabetes, myotonic dystrophy type 1 and alpha-1 antitrypsin deficiency.
Vertex was founded in 1989 and has its global headquarters in Boston, with international headquarters in London. Additionally, the company has research and development sites and commercial offices in North America, Europe, Australia, Latin America and the Middle East. Vertex is consistently recognized as one of the industry's top places to work, including 14 consecutive years on Science magazine's Top Employers list and one of Fortune’s 100 Best Companies to Work For. For company updates and to learn more about Vertex's history of innovation, visit www.vrtx.com or follow us on LinkedIn, Facebook, Instagram, YouTube and Twitter/X.
About Orum’s TPD² Approach
Orum’s unique Dual-Precision Targeted Protein Degradation (TPD²) approach builds novel targeted protein degraders combined with the precise tumor cell delivery mechanisms of antibodies to generate innovative, first-in-class, tumor-selective TPDs for the treatment of cancer. Orum has developed new molecular glue degrader payloads to specifically degrade an intracellular target protein within cancer cells via the E3 ubiquitin ligase pathway. Conjugated to antibodies, the payloads are designed to be delivered specifically to cancer cells and degrade the intracellular target protein and cause tumor cell death.
About Orum Therapeutics
Orum Therapeutics is a private, clinical-stage biotech pioneering the development of cell-specific, targeted protein degraders (TPD²®) and stabilizers (TPS²™) with the precision of antibody targeting to improve cancer treatment for more patients. The lead therapeutic candidate from the TPD² GSPT1 platform, ORM-5029, is in clinical development for the treatment of HER2-expressing solid tumors. The TPS² approach uses proprietary Cbl-b inhibitor payloads conjugated to immune cell- or tumor cell-targeting antibodies. Orum is located in Lexington, MA, US, and Daejeon, South Korea. For more info, visit www.orumrx.com.
Orum Therapeutics Forward-Looking Statements
This press release contains forward-looking statements that are based on the current expectations and beliefs of Orum Therapeutics, Inc. (“Orum”). Statements in this release regarding matters that are not historical facts, including, but not limited to, statements relating to the potential therapeutic value of Orum’s technologies and TPD2 approach; the potential for successful completion of research and the exercise of any option; the potential for the payment of any option payments, milestones, or royalties; and the potential for clinical success for ORM-5029 are forward-looking statements. These forward-looking statements are based on management’s expectations and assumptions as of the date of this release and are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include, without limitation, the uncertainty of success in research and development activities; risks related to clinical trials, including potential delays, safety issues, or negative results; business decisions made by Vertex; competition from alternative therapies; the risk that product candidates may not be successfully commercialized or adopted; and risks related to the recruitment and retention of key employees, fluctuating markets and economic conditions, health care reform, prices, and reimbursement rates. The forward-looking statements in this presentation speak only as of the date of this release, and Orum undertakes no obligation to update or revise any of the statements. Orum cautions investors not to place considerable reliance on the forward-looking statements contained in this release.
Contacts
Corporate: Kyuri Kim, Ph.D., Senior Manager, Business Development, Orum Therapeutics, media@orumrx.com
Media: Jessica Yingling, Ph.D., President, Little Dog Communications Inc., +1-858-344-8091, jessica@litldog.com