STOCKHOLM--(BUSINESS WIRE)--Sprint Bioscience AB: (STO:SPRINT)
Sprint Bioscience AB (publ) (Sprint Bioscience) and Bayer HealthCare (Bayer) have entered into a collaboration and license agreement for the research, development, and commercialization of oncological drug candidates. Under the agreement, Sprint Bioscience licenses an early-stage inhibitor program targeting tumor metabolism to Bayer. Subsequently, Bayer will have full control over further development and worldwide commercialization rights for potential cancer therapeutics and diagnostics.
– "We are very happy to have entered into this agreement for one of our tumor metabolism projects. We are convinced that Bayer is a perfect partner to further develop this program. This agreement also gives us the opportunity to further invest in the expansion of our portfolio within the area of tumor metabolism," said Dr Anders Åberg, CEO of Sprint Bioscience.
"Bayer is committed to translating the findings of cancer research into effective therapies to improve the quality of life of patients. Addressing the metabolism of cancer cells is a promising approach in oncology and one of our focus areas in cancer research at Bayer," said Professor Andreas Busch, Head of Global Drug Discovery and member of the Executive Committee of Bayer HealthCare. "We are looking forward to expanding our portfolio in this area through the agreement with Sprint Bioscience. This early research program has the potential to lead to new treatment options for cancer patients."
As a result of a tumor's uncontrolled growth, cancer cells exhibit an altered metabolism (tumor metabolism) and thereby are often resistant to conventional radiation- and chemotherapy. Sprint Bioscience has developed molecules inhibiting a novel metabolic target, which is vital for cancer cell survival. Such inhibitors can potentially lead to effective new treatments by selectively affecting cancer cells.
Sprint Bioscience is eligible to receive up to approximately 190 Million Euro in potential preclinical, clinical and net sales based milestone payments, including an upfront payment from Bayer upon signing of the agreement. Furthermore, Sprint Bioscience is also eligible to receive royalties on worldwide net sales of any resulting products under the collaboration.
About Sprint Bioscience
Sprint Bioscience AB (publ) is part of the new Swedish pharmaceutical industry. The company has the goal to develop drug candidates for the global pharmaceutical market within the field of oncology in a more time- and resource-efficient manner. Sprint Bioscience is situated in Stockholm, Sweden. Sprint Bioscience share is listed on NASDAQ First North and traded under the name SPRINT.
About Bayer HealthCare
The Bayer Group is a global enterprise with core competencies in the fields of health care, agriculture and high-tech materials. Bayer HealthCare, a subgroup of Bayer AG with annual sales of around EUR 20.0 billion (2014), is one of the world's leading, innovative companies in the healthcare and medical products industry and is based in Leverkusen, Germany. The company combines the global activities of the Animal Health, Consumer Care, Medical Care and Pharmaceuticals divisions. Bayer HealthCare's aim is to discover, develop, manufacture and market products that will improve human and animal health worldwide. Bayer HealthCare has a global workforce of 60,700 employees (Dec 31, 2014) and is represented in more than 100 countries. More information is available at www.healthcare.bayer.com.
Sprint Bioscience AB (publ) is required to publish this information pursuant to the Securities Markets Act and/or the Act on trading in financial instruments. The information was submitted for publication on July 28, 2015 at 8:30 (CEST).
Sprint Bioscience │ Teknikringen 38A │114 28 Stockholm │ Sweden │ 46-(0)8-411 44 55 │[email protected]