CHENGDU, China--(BUSINESS WIRE)--HitGen Ltd announced that the company has entered into a research collaboration with Almirall to identify novel small molecule leads for targets of interest. In this collaboration, HitGen will apply its advanced technology platform, based on DNA-encoded library design, synthesis and screening, to discover novel leads for Almirall. Under the terms of the agreement, HitGen will receive upfront payments, and be eligible for milestone payments from Almirall. Specific financial details were not disclosed.
“We are delighted to enter this collaboration with Almirall, a leading medical dermatology focused global pharmaceutical company. This collaboration further emphasizes the role of HitGen in the rapidly developing field of DNA-encoded chemistry. We will work closely with Almirall scientists to generate novel leads for their innovative research programs to address unmet medical needs,” said Dr. Jin Li, Chairman of the Board and Chief Executive Officer of HitGen.
Dr. Bhushan Hardas, Chief Scientific Officer of Almirall, commented that “this agreement keeps us on the track to achieve our goal of becoming a leading medical dermatology company. We look forward to collaborate with HitGen in identifying new molecules with the potential of becoming new treatment options for patients with atopic dermatitis.”
Almirall is a leading skin-health focused global pharmaceutical company that partners with healthcare professionals, applying Science to provide medical solutions to patients & future generations. Our efforts are focused on fighting against skin health diseases and helping people feel and look their best. We support healthcare professionals in continuous improvement, bringing our innovative solutions where they are needed. The company, founded in 1943 and with headquarters in Barcelona, is listed on the Spanish Stock Exchange (ticker: ALM). Almirall has become a key element of value creation to society according to its commitment with its major shareholders and its decision to help others, to understand their challenges and to use Science to provide them with solutions for real life. Total revenue in 2017 was 755.8 million euros and more than 1,830 employees are devoted to Science.
For more information, please visit almirall.com.
About HitGen Ltd
HitGen is a rapidly growing biotech company with headquarters and main research facilities based in Chengdu, China and with a subsidiary in the USA. HitGen has established a platform for small molecule drug discovery centred around the design, assembly and interrogation of DNA-encoded chemical libraries (DELs). HitGen’s DELs contain nearly 400 billion novel, diverse, drug-like small molecule and macrocyclic compounds. These compounds are members of DELs synthesised from many hundreds of distinct chemical scaffolds, designed with tractable chemistry, and yielding proven results for the discovery of small molecule leads against precedented and unprecedented classes of biological targets. HitGen is collaborating with pharmaceutical, biotech, and chemical companies, foundations and research institutes in North America, Europe, Asia and Africa to discover and develop approaches for novel medicines and agrochemical solutions.
For more information, please visit www.hitgen.com.