Syrrx receives first success payment
San Diego-based Syrrx, a next generation structure based drug discovery company, has received the first success-based milestone payment from Biogen Idec based on a collaborative agreement executed in December 2003 between the two companies.
San Diego-based Syrrx, a next generation structure based drug discovery company, has received the first success-based milestone payment from Biogen Idec based on a collaborative agreement executed in December 2003 between the two companies.
The collaboration applies Syrrx's expertise in high-throughput crystallisation of proteins across multiple Biogen Idec drug targets.
Terms of the agreement include an up-front technology access fee, plus success and other target-related fees payable by Biogen Idec to Syrrx upon the achievement of collaboration goals. The agreement also contemplates the potential for a broader collaboration between the two parties in the future.
'This collaboration with Biogen Idec provides Syrrx with the opportunity to demonstrate our ability to rapidly crystallise challenging drug discovery targets as part of an automated, high-throughput drug discovery effort,' said Stephen Kaldor, Syrrx president and chief scientific officer. 'I am pleased that we have received our first success milestone, and I look forward to exploring opportunities to expand our relationship with Biogen Idec.'