Salarius Pharmaceuticals Inc (NASDAQ:SLRX) has agreed to acquire an oral, small molecule targeted protein degradation portfolio against cancer from DeuteRx LLC.
- The acquisition includes a lead drug candidate that Salarius has renamed SP-3164 (formerly DRX-164).
- "This strategic acquisition is a transformative event for Salarius that significantly expands our development pipeline while building upon the momentum of our lead clinical-stage candidate, seclidemstat," stated David Arthur, CEO of Salarius.
- SP-3164 is a next-generation cereblon-binding molecular glue. Molecular glues are small molecules that commandeer the body's normal protein-degradation processes and induce selective elimination of cancer-causing proteins.
- Salarius plans to begin the first clinical trial in 2023.
- As part of the agreement, Salarius and DeuteRx will collaborate to complete SP-3164 development activities and collaborate on the R&D of future products.
- Under the agreement terms, DeuteRx will receive an upfront payment consisting of $1.5 million in cash and 1 million shares of restricted stock.
- SP-3164, DeuteRx is also entitled to receive up to $188 in milestone payments.
- Additionally, DeuteRx is eligible to receive milestone payments of up to $84 million for each of two future products.
- Price Action: SLRX shares traded 1.52% higher at $0.50 premarket on the last check Thursday.
