Melbourne-based research company, Cancer Therapeutics CRC (known as CTx), has secured one of the largest pre-clinical licencing deals in Australia for its new cancer drug designed to inhibit a protein known as PRMT5 which has been found in cancers including melanoma, lung cancer and leukaemia. The new PRMT5 drug program was licenced with MSD (known as Merck in the United States and Canada) and is the result of research by Monash University and CTx in collaboration with the CSIRO, the Peter MacCallum Cancer Centre, the Walter and Eliza Hall Institute of Research and the London-based Wellcome Trust.
The licencing deal was secured by Cancer Research Technology (“CRT”), a subsidiary of Cancer Research UK, a company that commercialises discoveries in cancer research. Under the deal, CRT will receive an upfront payment of $US 15 million. CRT will be eligible for further payments of up to $US 0.5 billion as incentives to meet development, regulatory and commercialisation milestones. All payments will be shared between CRT, CTx and the Wellcome Trust.
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