Shattuck Labs Enters into Strategic Collaboration and License Agreement with Ono Pharmaceutical to Generate Bifunctional Fusion Proteins for the Treatment of Autoimmune and Inflammatory Diseases
February 13 2024 - 6:00AM
Shattuck Labs, Inc. (Shattuck) (NASDAQ: STTK), a clinical-stage
biotechnology company pioneering the development of bifunctional
fusion proteins as a new class of biologic medicine for the
treatment of patients with cancer and autoimmune disease, today
announces a worldwide drug discovery collaboration with Ono
Pharmaceutical Co., Ltd. (Ono), to generate novel bifunctional
fusion proteins targeting certain pathways in autoimmune and
inflammatory diseases.
Under the terms of the agreement, Shattuck will receive an
up-front payment and be eligible for success-based licensing,
regulatory, and commercial milestone payments with a total value of
up to $227 million, as well as tiered royalties based on global net
sales. Shattuck will lead discovery research of certain
prespecified compounds directed toward a pair of targets selected
by Ono from Shattuck’s pipeline of bifunctional fusion proteins,
and Ono will cover all of Shattuck’s associated research and
development expenses. Shattuck granted to Ono an exclusive option
to develop and commercialize multiple products resulting from the
collaboration agreement. Following an option exercise, Ono will be
responsible for further development and commercialization
worldwide.
“We are excited to embark upon this collaboration with Ono
Pharmaceutical, a leading Japanese pharmaceutical company with a
track record of scientific innovation, which was enabled by
Shattuck’s protein engineering and development expertise with
complex fusion proteins,” said Taylor Schreiber, M.D., Ph.D., Chief
Executive Officer of Shattuck Labs. “We have prioritized autoimmune
and inflammatory diseases for a select group of preclinical
pipeline candidates as we continue to expand into areas of high
unmet need. This collaboration aligns with our strategy to unlock
further value from our bifunctional fusion protein platform and
scientific expertise.”
“We are actively working to create biologics in order to address
unmet medical needs for a wide range of diseases. We appreciate
Shattuck’s proprietary research and development capabilities and
expertise in protein engineering, enabling the generation of
functional biologics against therapeutic targets that have been
difficult through conventional technologies and are excited to work
with Shattuck’s team through this collaboration agreement,”
said Toichi Takino, Senior Executive Officer/Executive
Director, Discovery & Research of Ono Pharmaceutical. “We hope
to add bifunctional fusion proteins discovered and developed by
Shattuck into our portfolio to bring innovative drugs for patients
suffering from autoimmune and inflammatory diseases as soon as
possible.”
About Ono Pharmaceutical Co., Ltd.Ono
Pharmaceutical Co., Ltd., headquartered in Osaka, is an
R&D-oriented pharmaceutical company committed to creating
innovative medicines in specific areas. Ono focuses its research on
oncology, immunology, neurology, and specialty research with high
medical needs as priority areas for discovery and development of
innovative medicines. For further information, please visit the
company’s website at https://www.ono-pharma.com/en.
About Shattuck Labs, Inc.Shattuck Labs, Inc.
(NASDAQ: STTK) is a clinical-stage biotechnology company pioneering
the development of bi-functional fusion proteins as a new class of
biologic medicine for the treatment of patients with cancer and
autoimmune disease. Compounds derived from Shattuck’s proprietary
Agonist Redirected Checkpoint (ARC®), platform are designed to
simultaneously inhibit checkpoint molecules and activate
costimulatory molecules with a single therapeutic. The company’s
lead SL-172154 (SIRPα-Fc-CD40L) program, which is designed to block
the CD47 immune checkpoint and simultaneously agonize the CD40
pathway, is being evaluated in multiple Phase 1 trials. Shattuck
has offices in both Austin, Texas and Durham, North Carolina. For
more information, please visit: www.ShattuckLabs.com.
Forward-Looking StatementsCertain statements in
this press release may constitute “forward-looking statements”
within the meaning of the federal securities laws, including, but
not limited to, the collaboration and option agreement with Ono,
the potential that Ono exercises its option thereunder and the
potential for future licensing, milestone or royalty payments.
Words such as “may,” “might,” “will,” “objective,” “intend,”
“should,” “could,” “can,” “would,” “expect,” “believe,” “design,”
“estimate,” “predict,” “potential,” “develop,” “plan” or the
negative of these terms, and similar expressions, or statements
regarding intent, belief, or current expectations, are
forward-looking statements. While the company believes these
forward-looking statements are reasonable, undue reliance should
not be placed on any such forward-looking statements, which are
based on information available to the company on the date of this
release. These forward-looking statements are based upon current
estimates and assumptions and are subject to various risks and
uncertainties (including, without limitation, those set forth in
Shattuck’s filings with the U.S. Securities and Exchange Commission
(SEC)), many of which are beyond the company’s control and subject
to change. Actual results could be materially different. Risks and
uncertainties which could cause such outcomes to change include:
the potential that the expected benefits and opportunities related
to the collaboration may not be realized or may take longer to
realize than expected; challenges inherent in new research and
preclinical development; global macroeconomic conditions and
related volatility; and other risks and uncertainties identified in
Shattuck’s Annual Report on Form 10-K for the year ended December
31, 2022 and subsequent disclosure documents filed with the SEC.
Shattuck claims the protection of the Safe Harbor contained in the
Private Securities Litigation Reform Act of 1995 for
forward-looking statements. Shattuck expressly disclaims any
obligation to update or alter any statements whether as a result of
new information, future events or otherwise, except as required by
law.
The Company intends to use the investor relations portion of its
website as a means of disclosing material non-public information
and for complying with disclosure obligations under Regulation
FD.
Investor & Media Contact: Conor
RichardsonVice President of Investor RelationsShattuck Labs,
Inc.InvestorRelations@shattucklabs.com
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