Oxford, UK, 11 September 2012 – Summit (AIM: SUMM), a UK drug discovery company, today announces that it has entered a technology license agreement with Bristol-Myers Squibb Company (NYSE: BMY) under which Bristol-Myers Squibb will use Summit’s proprietary Seglin™ technology to identify and develop drug candidates for up to ten targets across multiple therapeutic areas.
“Summit is pleased to be partnering with one of the world’s premier biopharmaceutical companies,” commented Glyn Edwards, Chief Executive Officer of Summit. “This agreement with Bristol-Myers Squibb further reinforces our strategy as we seek alternative ways to realise the value of our Seglin technology while we concentrate our resources on advancing our core Duchenne Muscular Dystrophy and C. difficile programmes.”
Under the terms of the agreement, Bristol-Myers Squibb will be responsible for the discovery stage research and will have the exclusive right to develop and commercialise any Seglin products that are identified. Summit will receive a $100,000 technology access fee and is eligible for research, development and regulatory milestones of up to $30 million per product, plus royalties on worldwide sales of products arising from the technology.
About Seglin™ Technology
In human biology, the function of cells, tissues, pathways and physiological systems is fundamentally dependent on proteins, nucleic acids, carbohydrates and lipids. The importance of proteins and nucleic acids is well established in drug discovery but thetargeting of carbohydrate biology remains largely underexploited. Seglin™ technology is an innovative drug discovery platform that aims to address this by using appropriate new chemistry space to access these carbohydrate drug targets. Seglins are orally available small molecules that act as carbohydrate mimics meaning they are ideally placed to exploit new carbohydrate related drug targets.
Summit is an Oxford, UK based drug discovery Company targeting high-value areas of unmet medical need including Duchenne Muscular Dystrophy and C. difficile infection. Summit is listed on the AIM market of the London Stock Exchange and trades under the ticker symbol SUMM. Further information is available at www.summitplc.com.
For more information, please contact:
Glyn Edwards / Richard Pye
Tel: +44 (0)1235 443 951
Singer Capital Markets
(Nominated Adviser and Joint broker)
Shaun Dobson / Claes Spång
Tel: +44 (0)203 205 7500
Claire Louise Noyce / Deepak Reddy
Tel: +44 (0)207 947 4350
(Financial public relations, UK)
Tel: +44 (0)7879 458 364
MacDougall Biomedical Communications
(U.S. media contact)
Tel: +1 781-235-3060
Forward Looking Statements
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