30th Aug 2018 09:51
LONDON (Alliance News) - Developer of intellectual property-based businesses IP Group PLC said Thursday that its portfolio company Genomics PLC signed a three-year deal with Vertex Pharmaceuticals Inc for the development of "transformative" drugs.
"Scientists from Vertex and Genomics will work closely together to incorporate their deep understanding of human genetics into research and development related to target discovery and target validation in certain diseases," IP Group explained.
"In addition to funding the resources committed by Genomics to the collaboration, Vertex will make milestone and royalty payments to the company for novel targets resulting from the collaboration that are taken through clinical development," it added.
The company added that Vertex made a GBP10.5 million investment as part of a GBP25 million Series B financing round in Genomics alongside other investors, such as Woodford Investment Management Ltd, Invesco Perpetual, Oxford Sciences Innovation, Lansdowne Partners and Tanarra.
IP Group, the owner of a 12.4% stake in Genomics, and its managed fund IP Venture Fund II committed GBP1.4 million and GBP600,000 respectively to the financing round.
Genomics will use the funds raised to enable "further expansion" and enhance its database.
Genomics is a data science company which uses human genetic information to improve drug development.
IP Group shares were trading up 1.1% at 130.06 pence each.
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