Alchemia, AstraZeneca in drug discovery deal
AstraZeneca plc (LSE:AZN; NYSE:AZN) partnered with Alchemia Ltd. (ASX:ACL) to discover and develop small molecules against multiple undisclosed targets provided by the pharma. Alchemia will use its Diversity Scanning Array (DSA) library of more than 14,000 peptidomimetic molecules and its Versatile Assembly on Stable Templates (VAST) technology to screen for molecular properties that modulate targets. The biotech said the deal covers a variety of therapeutic areas, including cancer, respiratory, cardiovascular, metabolism, infection and neuroscience. Alchemia will receive an undisclosed upfront payment and R&D expenses. The biotech also is eligible for up to $240 million in milestones, plus a single-digit royalty. On Tuesday, Alchemia was off A$0.01 to A$0.35. ...