WATERTOWN, Mass.--(BUSINESS WIRE)--FORMA Therapeutics, Inc. (“FORMA”), a clinical-stage biopharmaceutical company focused on rare hematologic diseases and cancers, today announced that it has sold select hit discovery capabilities and related assets to a biotech startup (“NewCo”) that aims to increase the efficiency of medicine development using computational-enabled capabilities.
Under the deal terms, FORMA will receive cash and equity in NewCo as consideration. FORMA will also be eligible to receive royalties on net sales of certain products identified using NewCo’s discovery platform. FORMA retains a wholly-owned pipeline with assets ranging from early drug discovery into clinical development, as well as critical drug discovery capabilities tailored to advance its programs in rare hematologic diseases and cancers. FORMA has also secured an option from NewCo to access early discovery capabilities for a select number of programs.
Per the agreement, NewCo has taken ownership of a defined set of assets outside of FORMA’s primary areas of focus, specifically research and discovery compounds and libraries, a related global intellectual property portfolio, and tangible and intangible assets including equipment and the lease of FORMA’s discovery laboratories located in Branford, Connecticut. NewCo has also hired a group of former FORMA colleagues to further advance the transferred discovery platforms.
“This deal supports FORMA’s strategic shift to specialize in rare hematology and oncology indications, focusing our efforts on FORMA’s rich pipeline of high-quality, small molecule product candidates, including lead product candidates, FT-4202 for the treatment of sickle cell disease and FT-7051 for the treatment of castration resistant prostate cancer with AR-v7 resistant mutation, as well as multiple preclinical programs,” said Frank Lee, chief executive officer of FORMA Therapeutics.
About FORMA Therapeutics
FORMA Therapeutics is focused on the discovery, development and commercialization of transformative medicines for patients with rare hematologic diseases and cancers. A fully integrated biopharmaceutical company, FORMA’s proprietary R&D engine combines deep biology insight, chemistry expertise and clinical development capabilities to create differentiated drug candidates focused on indications with high unmet need. FORMA has delivered high-quality clinical candidates to its partners and generated a broad proprietary portfolio of programs, ranging from preclinical to pivotal-stage, with the potential to provide profound patient benefit. For more information, please visit www.formatherapeutics.com or follow us on Twitter @FORMAInc and LinkedIn.