Prometheus Biosciences, Inc., Enters Into Multi-Target Strategic Collaboration with Takeda to Develop Targeted Therapies for Inflammatory Bowel Disease
SAN DIEGO, Oct. 3, 2019 /PRNewswire/ -- Prometheus Biosciences, Inc., a biopharmaceutical company committed to the discovery, development, and commercialization of a broad portfolio of novel precision therapeutics and companion diagnostics for patients living with unmet needs in gastroenterology and autoimmune diseases, announced that it has entered into a global, multi-target strategic collaboration with Takeda Pharmaceutical Company Limited (Takeda) to discover, develop, and commercialize novel therapies for inflammatory bowel disease (IBD). The collaboration combines the proprietary bioinformatics discovery platform and companion diagnostic tools developed by Prometheus Biosciences with Takeda's expertise in gastroenterology and drug development, in order to discover and advance up to three targeted IBD therapeutics and companion diagnostics.
Prometheus Biosciences will be responsible for the identification and validation of three unique drug targets for IBD, along with the development and commercialization of companion diagnostics to complement the targeted drugs. Takeda will be responsible for all drug discovery, clinical development, and commercialization activities for the resulting targeted therapeutics.
"We are impressed with Takeda's commitment to developing a portfolio of therapies to address all IBD patients, especially those with unmet needs," said Mark McKenna, chief executive officer, Prometheus Biosciences. "We believe that a targeted, precision medicine approach is needed to deliver new, effective therapeutic options in inflammatory bowel disease. Through our partnership, we are excited to combine the Prometheus bioinformatics platform and advanced machine learning techniques with Takeda's expertise in drug development to deliver a new generation of IBD therapies."
Under the terms of the agreement, Prometheus Biosciences will receive an undisclosed initial upfront payment from Takeda and is eligible to receive up to $420M in development, regulatory, and commercial milestone payments, in total, across all three programs. In addition, Prometheus Biosciences is eligible to receive royalty payments on global commercial sales from each program.
About Prometheus Biosciences, Inc.
Prometheus Biosciences, Inc., is a biopharmaceutical company committed to the discovery, development, and commercialization of a broad portfolio of novel precision therapeutics and companion diagnostics for patients living with unmet needs in gastroenterology and autoimmune diseases.
Prometheus Biosciences, Inc., created through the June 2019 acquisition of Prometheus Laboratories by Precision IBD, is headquartered in San Diego, California. For more information about Prometheus, please visit us at www.prometheusbiosciences.com.
Contacts:
Investor Relations and Media Contact
Juniper Point
Amy Conrad, (858) 914-1962
IR@prometheusbiosciences.com
Connor Glenn, (858) 200-7888
Prometheus Biosciences
info@prometheusbiosciences.com
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SOURCE Prometheus Biosciences, Inc.
