X-Chem and Vertex Expand Existing Partnership

X-Chem Inc., a privately held biotechnology company focused on applying its industry-leading DNA-encoded (DEX™) drug discovery engine to the generation of novel small molecule therapeutics, today announced the expansion of its collaboration with Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX). Under the terms of the expanded agreement, X-Chem will apply its growing collection of next-generation DEX libraries toward the discovery of novel lead compounds against multiple targets across Vertex’s drug development portfolio. Vertex will be responsible for further development and commercialization of licensed programs. X-Chem will receive an upfront payment and stands to receive additional payments linked to the achievement of R&D and regulatory milestones. X-Chem is also eligible for royalties on revenues from medicines originating from the collaboration. The expanded partnership now comprises 14 targets, increasing the scope of the original agreement two-fold.
“Vertex research strategy focuses on addressing the underlying cause of disease through therapeutic innovation,” said Mark Bunnage, Senior Vice President and Boston Research Site Head at Vertex. “As we tackle new targets, we have been very impressed with X-Chem’s technology platform and what it has delivered in the first 18 months of our partnership. Based on that success we are eager to extend our work with X-Chem to additional targets for serious diseases.”