Verastem pays GenFleet $11.5M upfront in pact to develop cancer treatments

Verastem Oncology announced that the Company has entered into a discovery and development collaboration with GenFleet Therapeutics to advance three oncology discovery programs targeting RAS pathway-driven cancers. The collaboration, which builds on the strengths of both Companies in oncology small molecule drug development, enables Verastem Oncology to partner its clinical development and regulatory expertise with GenFleet’s accomplished discovery capabilities. This includes Verastem Oncology’s experience and established network of collaborators, including scientific and clinical experts in RAS biology and RAS pathway-dependent cancers and GenFleet’s accomplishments with its KRAS G12C inhibitor program. The risk-sharing structure of the collaboration is designed to allow Verastem Oncology the flexibility of a milestone-based option to license up to three compounds. The licenses would give Verastem Oncology development and commercialization rights outside of China while GenFleet would retain development and commercialization rights inside of China. “We are pleased to reach an agreement with Verastem Oncology to develop multiple products based on GenFleet’s proprietary discovery platform and our extensive experience in developing RAS inhibitors. Both Companies have already achieved significant clinical breakthroughs in RAS pathway-driven cancers and we look forward to a synergistic collaboration between GenFleet’s proven R&D capabilities and Verastem Oncology’s clinical and regulatory expertise. This discovery partnership will also enhance GenFleet’s global footprint in delivering potentially life-saving therapies to cancer patients,” said Qiang Lu, Ph.D., Chairman of GenFleet. The terms of the agreement include combined upfront, research support and option payments to GenFleet of $11.5M for the first program, with potential total deal size across all three programs up to $625.5M excluding royalties if Verastem Oncology exercises its in-license options. The collaboration provides Verastem Oncology with exclusive rights to obtain a license to each of the compounds after successful completion of pre-determined milestones in Phase 1 trials.