HitGen Ltd announced that the company has entered into a multi-target multi-year collaboration with LEO Pharma A/S , to discover novel small molecule leads for multiple therapeutic targets of interest to LEO Pharma. According to the agreement, HitGen will use its advanced technology platform, based on DNA-encoded library design, synthesis and screening to discover novel leads which will be licensed exclusively to LEO Pharma. Under the terms of the agreement, HitGen will receive an upfront payment and be eligible for milestone payments from LEO Pharma.
“We are very pleased to renew and expand our collaboration with LEO Pharma, one of the leading specialist pharmaceutical companies in the world. We will work closely with LEO Pharma scientists to help generate new medicines to address unmet medical needs helping patients achieve healthy skin,” said Dr. Jin Li, Chairman of the Board and Chief Executive Officer of HitGen.
“We are excited by renewing and extending our collaboration with HitGen” said Dr. Thorsten Thormann, VP of Research, LEO Pharma. “We are looking forward to expand our ability to identify new leads for multiple target families. HitGen’s DELs will accelerate LEO Pharma’s expertise in bringing new medicine from idea to the clinic. We believe that partnerships and the ability to collaborate play a pivotal role in bringing new and better treatments to patients. And our partnership with HitGen is a clear proof of that.”