CHENGDU, China--(BUSINESS WIRE)--HitGen Inc. (HitGen) announced today that HitGen and Mitsubishi Tanabe Pharma Corporation (MTPC) have entered into a license agreement to develop a novel class of drugs. The licensed compounds were identified using HitGen’s leading technology platform, which involved screening large DNA encoded libraries, containing more than 400 billion of small molecules with drug-like properties synthesized on chemically diverse scaffolds.
A number of novel small molecule leads for an undisclosed target nominated by MTPC were the subject of this license agreement. Under the terms of collaborative agreement, MTPC will pay HitGen assignment fee for license and HitGen will grant exclusive rights to MTPC for further development and commercialization.
“We are delighted to announce this significant project milestone. The success of delivery of these licensed compounds has further demonstrated the power of our DEL platform to discover novel small molecules against a variety of targets, including those previously challenging ones. We look forward to seeing the progress made by MTPC” said Dr. Jin Li, Chairman of the Board and Chief Executive Officer of HitGen.
About Mitsubishi Tanabe Pharma
Mitsubishi Tanabe Pharma, which was founded in 1678, has its headquarters in Doshomachi, Osaka, which is the birthplace of Japan’s pharmaceutical industry. With business centered on ethical pharmaceuticals, Mitsubishi Tanabe Pharma is a well-established company and has the longest history of any listed pharmaceutical company in Japan. In accordance with the corporate philosophy of “contributing to the healthier lives of people around the world through the creation of pharmaceuticals,” the Company formulated the key concept of Open Up the Future under the Medium-Term Management Plan 16-20. Through the discovery of drugs that address unmet medical needs, centered on its priority disease areas — immuno-inflammation, diabetes and kidney, central nervous system, vaccines — Mitsubishi Tanabe Pharma will strive to contribute to the health of patients around the world. For more information, go to https://www.mt-pharma.co.jp/e/
About HitGen Inc.
HitGen is a rapidly growing biotech company with headquarter and main research facilities based in Chengdu, China and with a subsidiary in the USA. HitGen has established a platform for small molecule drug centred on the design, assembly and interrogation of DNA encoded chemical libraries (DELs). HitGen’s DELs contain more than 400 billion novel, diverse, drug-like small molecule and macrocyclic compounds. These compounds are members of DELs synthesised from many hundreds of distinct chemical scaffolds, designed with tractable chemistry, and yielding proven results for the discovery of small molecule leads against precedented and unprecedented classes of biological targets. HitGen is collaborating with pharmaceutical, biotech, and chemical companies, foundations and research institutes in North America, Europe, Asia and Africa to discover and develop approaches for novel medicines and agrochemical solutions. For more information, please call +86-28-85197385 or visit www.hitgen.com