WALTHAM, Mass., Dec. 18, 2024 (GLOBE NEWSWIRE) - Photys Therapeutics, Inc., a proximity-based therapeutics company, today announced a multi-year collaboration and license agreement with Novo Nordisk to develop novel proximity-based therapeutics for a cardiometabolic disease target. The collaboration combines Novo Nordisk’s deep expertise in cardiometabolic diseases with Photys’ proprietary PHICS™ (PHosphorylation Inducing Chimeric Small molecules) technology, which induces proximity between a kinase and a target of interest to phosphorylate the target and thereby alter its biologic function.

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Under the terms of the agreement, Photys is eligible to receive up to $186M in upfront, development and commercial milestone payments, in addition to R&D funding and tiered royalty payments on commercial sales. Under the proposed R&D plan, Novo Nordisk and Photys will collaborate on multiple PHICS molecules for the cardiometabolic target. Photys will advance the PHICS molecules through preclinical development, at which point Novo Nordisk will further advance the PHICS molecules through IND enabling studies and clinical development.