Nurix Therapeutics partners with Seagen to develop cancer therapeutics

Nurix Therapeutics has entered into a multi-year, multi-target strategic collaboration agreement with Seagen to advance a new class of medicines called Degrader-Antibody Conjugates – DACs – for use in cancer. The collaboration between the two companies will focus on an innovative approach to combine two technologies to target cancer-antibody-drug conjugation – ADC – and targeted protein degradation -TPD – with the goal of creating drugs with new mechanisms of action as well as improved specificity and anti-cancer activity. Nurix will receive an upfront payment of $60M and has the potential to receive up to approximately $3.4B in research, development, regulatory and commercial milestone payments across multiple programs. In addition, Nurix will be eligible for mid-single to low double digit tiered royalties on future sales, and Nurix retains an option for U.S. profit sharing and co-promotion on two products arising from the collaboration. Nurix will use its proprietary DELigase platform to develop a suite of targeted protein degraders against multiple targets nominated by Seagen that are suitable for antibody conjugation. Several DAC drugs may be developed and commercialized within this collaboration. With the receipt of the $60M upfront payment, Nurix expects that its existing cash, cash equivalents and marketable securities, excluding any future potential milestones from collaborations, will be sufficient to fund its operating activities into Q2 2025.