Partnership will continue to leverage Biotheryx’s PRODEGY platform to discover molecular glue degraders for multiple historically undruggable novel targets
Biotheryx will receive an undisclosed upfront payment and is eligible to receive up to $354 million in potential downstream milestone payments for each target plus royalties on net sales
SAN DIEGO, CA, June 23, 2025 – Biotheryx, Inc., a biopharmaceutical company focused on the discovery and development of first-in-class protein degraders for cancer and inflammatory diseases, today announced it has entered into a second Research Collaboration and License agreement with Incyte to discover and develop molecular glue degraders for novel oncology targets. At the same time, Incyte triggered an additional target under the terms of the first agreement.
“We are excited to expand our collaboration with Incyte to discover molecular glue degraders for novel targets. Biotheryx and Incyte are united in the mission to deliver groundbreaking therapies,” said Dr. Leah Fung, Chief Executive Officer of Biotheryx. “Biotheryx’s PRODEGY platform features our Cereblon-directed chemical library designed to identify novel neosubstrates and discover molecular glues that enable the degradation of previously undruggable proteins. In this broadened partnership with Incyte, we will continue to leverage our proven approach for neosubstrate and molecular glue discovery with potential to unlock innovative protein degrader therapies.”
Under the terms of the agreement, Biotheryx will utilize its distinctive PRODEGY platform to analyze multiple historically undruggable targets to identify proteins that are potential neosubstrates of Cereblon. Biotheryx will also grant Incyte access to the PRODEGY chemical library and Incyte will be responsible for screening the library against multiple targets to identify and discover novel molecular glue degraders. In return, Biotheryx will receive an undisclosed upfront payment for technology and library access. Biotheryx is also eligible to receive up to $354 million in potential fees and future milestone payments plus tiered single-digit royalties on global net product sales for each target. Additionally, under the terms of the agreement, Incyte will be solely responsible for the discovery, development and commercialization of any molecular glue degraders under the collaboration. Further details related to the collaboration structure and financial terms of the deal were not disclosed.
“We look forward to growing our collaboration with Biotheryx through this additional agreement, and to combining our expertise to accelerate the identification of new targets as we work toward the discovery and development of innovative therapies for patients,” said Patrick Mayes, Ph.D., Group Vice President, Biology at Incyte.
About Biotheryx, Inc.
Biotheryx is a clinical-stage, biopharmaceutical company discovering and developing a portfolio of first-in-class protein degraders, including molecular glues and bifunctional degraders. Members of our founding and scientific teams previously developed the first U.S. Food and Drug Administration (FDA) approved modulators of Cereblon, the most widely validated E3 ligase involved in protein degradation. We have applied our expertise in Cereblon modulation to build our proprietary PRODEGY platform and pipeline of protein degraders for oncology and inflammatory diseases. Our approach deploys molecular glues to target undruggable proteins and bifunctional degraders to target validated proteins that conventional strategies, like protein inhibition, have insufficiently addressed. The Biotheryx pipeline includes BTX-9341, a first-in-class, oral, CDK4/6 bifunctional degrader that inhibits the transcription of CDK2 and Cyclin E, in FIH Phase 1a clinical studies in HR+/HER2- breast cancer patients who have progressed on CDK4/6 inhibitor therapy. Our pre-clinical pipeline advances undisclosed bifunctional degraders and molecular glues, including degraders as payloads for antibody drug conjugation. For more information, please visit www.biotheryx.com and engage with us on LinkedIn.
Contacts:
Biotheryx Investors/Media
David Pieters
[email protected]