US-based drug developer Nurix has secured a $150m upfront payment as part of a collaboration agreement with pharmaceutical firm Celgene to develop small molecule therapies targeting the oncology, immunology and inflammation areas.
Celgene has also made an equity investment of undisclosed size.
Under the terms of the collaboration deal, Celgene gains the right to license global development and commercialisation rights in return for an option fee, and potential clinical, regulatory and sales milestone payments worth a total of up to $405m.
Celgene and Nurix may co-develop and commercialise up to two drug candidates for the US market.
Nurix will be responsible for the drug discovery process through to the completion of phase 1 clinical trials. The company will retain global rights for all candidates not optioned by Celgene.
Nurix’s drug development platform exploits a process known as ubiquitin proteasome system to influence how proteins are regulated by human cells. Mutated genes in that system are a common cause for cancer.
In May 2014, Third Rock Ventures and Column Group invested $25.1m in series B funding, having previously also provided $6.2m in seed funding in 2012. Nurix has not revealed details about its series A round.