Gowling WLG's life sciences team has advised longstanding client AstraZeneca on its transaction with Scorpion Therapeutics, Inc. ("Scorpion") to develop precision medicines against previously hard-to-target cancer proteins.
Scorpion will focus on discovery and preclinical activities for up to three drug candidates. AstraZeneca would be responsible for development and commercialisation activities worldwide following opt-in, while Scorpion would retain the option to co-develop and co-promote up to two of these programmes in the US under certain conditions, including if AstraZeneca exercises three licence options. Scorpion will receive an upfront cash payment of $75 million together with additional financial terms.
Patrick Duxbury, head of the firm's Life Sciences team in the UK, led the deal, supported by legal director Mathilda Davidson.
Patrick Duxbury said: "This was a great deal to be involved in and one which further supports AstraZeneca's science-led strategy in oncology."
AstraZeneca is a global, science-led biopharmaceutical company that focuses on the discovery, development, and commercialisation of prescription medicines in Oncology, Rare Diseases, and BioPharmaceuticals, including Cardiovascular, Renal & Metabolism, and Respiratory & Immunology. Based in Cambridge, UK, AstraZeneca operates in over 100 countries and its innovative medicines are used by millions of patients worldwide.