Abide will receive an upfront payment and is eligible for additional milestones based on successful development. Celgene will take a small equity stake in Abide and will retain an exclusive option to acquire the company. Abide is also eligible to receive additional payments if Celgene exercises its option to license rights on the first two products that reach the clinic.
"This collaboration is a wonderful opportunity for Abide to focus in a therapeutic area that is ideal to explore the full potential of our therapeutic engine. Furthermore, this relationship will support Abide with Celgene's global expertise in discovery, development and commercialization of novel disease-altering therapies," said Alan Ezekowitz, president and chief executive officer of Abide Therapeutics. "The creative terms of this deal enable Abide to focus the components of the drug discovery continuum that we do best. We cannot wait to begin working closely with the team at Celgene."
"This collaboration with Abide illustrates our ongoing commitment to enable potentially disruptive technologies in the hands of talented drug hunters, here deployed in unique and powerful approach to target a validated but largely underexplored class of serine hydrolases," said Thomas Daniel, M.D., executive vice president and president, Global Research and Early Development at Celgene. "We are enthusiastic about the team, the technology, and the potential to create landmark therapies."