UK-based drug discovery and development firm Summit has formed a strategic alliance with the University of Oxford in order to further strengthen its utrophin modulator program for the treatment of the fatal muscle wasting disease duchenne muscular dystrophy (DMD).
Under the deal, Summit will acquire exclusive commercial rights to a pipeline of new early-stage utrophin modulators and core biological screening technology, as well as an exclusive option to intellectual property (IP) that is related to the utrophin field generated during the alliance.
These assets have been developed at the university by research teams led by Professor Kay Davies, an internationally acclaimed expert in DMD; Professor Stephen Davies, the Waynflete Professor of Chemistry; and Dr Angela Russell, an expert in medicinal chemistry and pharmacology.
The deal will see Summit sponsor a drug discovery program in the University research laboratories to identify and develop additional utrophin modulator drugs.
Summit CEO Glyn Edwards said the strategic alliance secures the company's position as the world-leader in the development of utrophin- based therapies for the treatment of DMD and improves the opportunity of generating effective treatments for this devastating disease.
"The alliance provides access to differentiated classes of utrophin modulators, potentially with new mechanisms, to complement our clinical candidate SMT C1100, while also establishing a strong drug pipeline for the future," Edwards said.
"Importantly, it will help to cement our long-term relationship with the scientific leaders in the field at the University of Oxford."
As part of the deal, Summit will issue 35,408,845 new ordinary shares, credited as fully paid and to be issued at 9.38 pence per share, for the acquisition of MuOx, a University of Oxford spin-out company founded by Professors Stephen Davies and Kay Davies that holds the exclusive rights to the series of utrophin modulators and core screening technologies.
