AstraZeneca announces global license agreement with Pinetree Therapeutics

Pinetree Therapeutics announced it has entered into an exclusive option and global license agreement with AstraZeneca for a preclinical EGFR degrader candidate. Under the terms of the agreement, AstraZeneca will be granted an exclusive option to license Pinetree’s preclinical EGFR degrader for global development and commercialization. In exchange, Pinetree will receive upfront and near-term payments of up to $45M and is eligible to receive additional development and commercial milestone payments for a total deal value of over $500M, as well as tiered royalties on net sales worldwide. “We are excited to announce this option and license agreement with AstraZeneca, a leading global biopharmaceutical company, to advance one of our novel receptor degrader programs into the clinic,” said Dr. Hojuhn Song, Founder and CEO of Pinetree. “Pinetree’s pan-EGFR degrader was developed from AbReptor, our proprietary multispecific antibody platform and has demonstrated promising preclinical anti-tumor activity in drug- and TKI-resistant tumors as well as enhanced activity when used in combination with current EGFR inhibitors.”