Agreement covers early-stage compounds and is part of cost-cutting measures.
In keeping with its recently announced restructuring efforts, ZymoGenetics licensed eight early-stage drug products to Seattle Life Sciences (SLS). The compounds are outside ZymoGenetics’ area of focus, according to Douglas E. Williams, Ph.D., CEO.
The deal calls for milestone and royalty payments should SLS successfully develop any of the products. The agreement also entitles ZymoGenetics to an equity interest in SLS that will be issued once this fledgling company obtains venture capital financing.
Just last week, ZymoGenetics reported cost-cutting measures including a one-third reduction in its work force and moving to a more collaborative strategy for its drug candidates. The company said that it would focus its own research on immunology.
Other Outlicensing Deals for ZymoGenetics
ZymoGenetics Grants BMS Rights to Early-Stage Hep C Drug for $105M in Near-Term Fees (Jan. 13, 2009)
Merck Serono Takes Over Full Rights to Drug Candidate for Autoimmune Disease from ZymoGenetics (Sept. 3, 2008)