Pinetree to receive up to $45 million in upfront and near-term payments, with a total deal value of over $500 million including potential additional development and commercial milestone payments

CAMBRIDGE, Mass., July 23, 2024 /PRNewswire/ -- Pinetree Therapeutics, Inc. ("Pinetree" or the "Company"), a biotechnology company pioneering next generation targeted protein degraders (TPD) to combat drug resistance in oncology and beyond, today announced it has entered into an exclusive option and global license agreement with AstraZeneca (LSE/STO/Nasdaq: AZN) for a preclinical EGFR degrader candidate.

Under the terms of the agreement, AstraZeneca will be granted an exclusive option to license Pinetree's preclinical EGFR degrader for global development and commercialization. In exchange, Pinetree will receive upfront and near-term payments of up to $45 million and is eligible to receive additional development and commercial milestone payments for a total deal value of over $500 million, as well as tiered royalties on net sales worldwide.

"We are excited to announce this option and license agreement with AstraZeneca, a leading global biopharmaceutical company, to advance one of our novel receptor degrader programs into the clinic," said Dr. Hojuhn Song, Founder and CEO of Pinetree. "Pinetree's pan-EGFR degrader was developed from AbReptor, our proprietary multispecific antibody platform and has demonstrated promising preclinical anti-tumor activity in drug- and TKI-resistant tumors as well as enhanced activity when used in combination with current EGFR inhibitors."

"Targeted protein degradation is a promising therapeutic modality. We are pleased to enter into this agreement with Pinetree, for an exclusive option to license its pan-EGFR degrader for investigation in EGFR expressing tumors, including those with EGFR mutations" said Puja Sapra, Senior Vice President, Oncology Targeted Discovery, Oncology R&D, AstraZeneca.

Pinetree is also advancing multiple preclinical candidates derived from its AbReptor TPD platform with potential in oncology and other therapeutics areas.

About Pinetree Therapeutics, Inc.

Established to combat drug resistance in oncology and beyond, Pinetree's platform technology, AbReptor, is a best-in-class, transformative and modular antibody platform designed to degrade membrane-bound and extracellular proteins. Since its founding in 2019, Pinetree's platform has brought about several compelling pre-clinical programs in oncology and other therapeutic areas.

Please visit the Company's website at pinetreetx.com and connect on LinkedIn for more information.

Contact:
Clemens Reinshagen
[email protected]
Pinetree Therapeutics, Inc
Cambridge, MA
+1-617-945-2309

SOURCE PineTree Therapeutics