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news.AstraZeneca and PTC Therapeutics have signed a research and licensing deal for gene expression modulation by small-molecules (GEMS) technology of PTC, which enables to discover and develop medicines for cancer and other diseases.
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As per the terms of the agreement, PTC is eligible to receive an undisclosed up-front payment and research funding from AstraZenecafor executing first target under the pact.
Additionally, Astrazeneca is also responsible to pay research, development, regulatory and commercial milestones and tiered royalties on worldwide net sales to PTC.
The tie up initially aims to develop products for oncology therapeutic segment with a goal to develop in total eight targets across different therapeutic areas.
AstraZeneca retains the global commercialization rights and PTC has an option to participate in the development of select product candidates emerging from the collaboration.
AstraZeneca Oncology Innovative Medicines Research Unit vice president and head Susan Galbraith said they believe that the GEMS technology will enable AstraZeneca to address important disease mechanisms that were intractable with our existing approaches.