Gowling WLG's Life Sciences team has advised Amphista Therapeutics on two multi-million pound deals to advance the company's work developing protein degrading therapeutics for treating a wide range of diseases.

The latest deal is a strategic collaboration and license agreement with Bristol Myers Squibb to discover and develop small molecule protein degraders. Under the agreement, Bristol Myers Squibb will gain a global exclusive license to the resulting degraders and further development and commercialisation rights. Amphista will receive $30 million upfront, the potential for up to $1.25 billion in milestone payments and payment for a limited expansion of the collaboration, plus royalties on global net product sales.

The deal closely follows an agreement with Merck Healthcare to collaborate in developing novel protein degrading therapeutics in indications in oncology and immunology. This will see Amphista receive an upfront payment, R&D funding and success-based milestone payments of up to €893.5 million ($1.0 billion), as well as royalties. Both deals are subject to regulatory clearances or approvals.

Gowling WLG's head of life sciences in the UK, Patrick Duxbury, led the team involved, alongside legal director Mathilda Davidson. Partner Samuel Beighton advised on regulatory matters related to the two transactions.  They worked closely with Amphista's chief business officer, Beverley Carr, on both deals.

Patrick Duxbury said: "The combination of these two arrangements will significantly advance Amphista's work to date in the field of targeted protein degradation. We are glad to have played a part in supporting the company's strategic priorities by helping drive both deals forward to successful execution."

Amphista Therapeutics is a biopharmaceutical company focused on therapeutics that harness the body's natural processes to selectively and efficiently degrade and remove disease-causing proteins. The company has raised approximately £45 million to date and is funded by leading life science investors including Forbion, Gilde Healthcare, Novartis Venture Fund, Advent Life Sciences, BioMotiv and Eli Lilly and Company.

Baker Mackenzie advised Bristol Myers Squibb on the latest of these two deals, while in-house counsel acted for Merck Healthcare, which is a division of division of Merck KGaA.

With more than 150 professionals in its Global Life Sciences Group, Gowling WLG has the technical understanding required to advise on the unique challenges companies face throughout their life cycles. They work with business, intellectual property, human resource and regulatory teams to provide guidance and support in key areas of life sciences.