Ropes & Gray advised biotechnology company Neomorph in a collaboration and option-to-license agreement with AbbVie to develop novel molecular glue degraders for multiple targets across oncology and immunology. Molecular glue degraders are a novel class of small molecules that are designed to selectively target and trigger degradation of proteins that drive cancer growth or immune system dysregulation. The transaction was announced on January 23.
Under the agreement, Neomorph will receive an upfront payment from AbbVie and is eligible to receive up to $1.64 billion in aggregate option fees and milestones, as well as tiered royalties on net sales.
The Ropes & Gray team included life sciences licensing partner Hannah England and life sciences licensing associate Ian Nilsen.
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