- LifeMine Therapeutics Inc, a drug discovery startup that uses genetically-encoded small molecules, has partnered with GlaxoSmithKline plc (NYSE:GSK) to discover and develop drugs from fungal genomes.
- GSK will bring three targets for LifeMine to run through its proprietary drug discovery platform, which scans for fungi that could be a match to create a small-molecule drug.
- LifeMine will get $70 million from GSK through the deal, a sum that includes an equity investment in a $175 million funding round that has just closed.
- The companies will share costs 50-50 during the discovery process and up to filing investigational new drug applications with the FDA.
- Then, GSK will take over and fund all development and commercialization efforts.
- “This is a transformative collaboration for LifeMine, and marks the first such agreement in genomic drug discovery from fungi, nature’s virtuoso medicinal chemists,” said Gregory Verdine, Ph.D., co-founder, chief executive officer and chief scientific officer of LifeMine.
- The companies did not disclose which indications or disease areas they would explore. LifeMine has initially focused on oncology and immune modulation, however.
- The deal also includes undisclosed milestones and royalties.
- Price Action: GSK shares are down 0.51% at $43.01 during the market session on the last check Wednesday.
