TransTech Pharma Lands Deal Worth $54 Million
Posted December 22, 2005 7:08 a.m. EST
HIGH POINT, NC — In a drug discovery deal worth as much as $54 million, TransTech Pharma will collaborate with a German pharmaceutical firm.
TransTech signed a research and license deal with Boehringer Ingelheim to target "an undisclosed biological target".
The companies will use TransTech's drug discovery software application known as TTP Translational Technology.
If the program us successful, TransTech would receive an upfront payment, research support, and payments for research, clinical and commercialization milestones.
Boehringer Ingelheim would have rights to develop and commercialize any resulting compounds. If products are developed, TransTech will receive royalties.
"We are very excited to enter into this collaboration with Boehringer Ingelheim, a premier international pharmaceutical company, having special expertise and strength in the discovery and development of therapeutics to treat various human diseases," said Adnan Mjalli, chief executive officer of TransTech. "The coupling of Boehringer Ingelheim's development capabilities and our discovery engine, TTP Translational Technology, is a powerful combination designed to result in the expedited discovery of novel, safe and effective clinical drug candidates."
TTR Translation Technology has already been used in development of pre-clinical and clinical candidates for drugs to treat diabetes, cancer, Alzheimer's disease and others.
Boehringer Ingelheim, which is based in Ingelheim, Germany, operates in 45 countries and has nearly 36,000 employees.