PTC Therapeutics (PTC) has reported that Celgene has exercised its option to collaborate on advancing drug discovery efforts on an oncology target addressed through the application of PTC’s GEMST (Gene Expression Modulation by Small-molecules) technology.
Reportedly, in September 2007, Celgene made a $20m equity investment in PTC, which included an option for an exclusive research agreement.
Under the terms of the research collaboration agreement, PTC will receive substantial milestone payments for achieving certain discovery, development, regulatory and commercial objectives.
Stuart Peltz, president and CEO of PTC, said: Celgene’s decision to exercise the research option is a wonderful endorsement of our GEMS technology. we look forward to working together to advance this project.