Enzon, Santaris Pharma Enter Oncology Pact

Enzon Pharmaceuticals, Inc. and Santaris Pharma have entered into a collaboration to develop and commercialize a series of RNA Antagonists based on Santaris Pharma’s LNA technology and utilizing Enzon’s oncology drug development expertise.

Under the terms of the agreement, Enzon is licensing two of Santaris Pharma’s preclinical development compounds, the HIF-1 alpha antagonist (SPC2968) and the Survivin antagonist (SPC3042), and six additional proprietary RNA Antagonist candidates for oncology drug targets selected by Enzon. Enzon will have exclusive rights to develop and commercialize these compounds in the U.S. and other non-European territories. Santaris will retain commercialization rights in Europe. Also, Enzon will have the opportunity to explore the potential of its next-generation PEGylation Customized Linker Technology for additional benefits.

Enzon will make an initial up-front payment of $8 million to Santaris Pharma, and an additional $3 million upon the identification of certain LNA targets. Additional payments will be made based on successful pre-specified discovery, development and regulatory milestones, representing a total of more than $200 million. Enzon will pay royalties to Santaris Pharma on net sales of RNA Antagonist products resulting from the collaboration in non-European territories.

“This important collaboration is in line with our strategic goal of advancing our presence in oncology while leveraging our access to proprietary new technologies,” said Jeffrey H. Buchalter, Enzon’s chairman and chief executive officer. “This partnership will greatly enhance our R&D pipeline with the addition of two new clinical programs in the next six-to-12 months and another six preclinical compounds entering the pipeline over the next few years.”

“We are delighted to be in partnership with Enzon Pharmaceuticals, whose new management has extensive experience of developing and commercializing innovative oncology drugs, making them an ideal partner for Santaris,” said Keith McCullagh, president and chief executive officer, Santaris Pharma. “Together we are committed to building a unique portfolio of RNA Antagonist drugs with the potential to address some of the underlying genetic causes of disease and improve patient outcomes in the treatment of cancer.”