TIDMFIPP
Frontier IP Group plc
21 September 2023
Reach - a non-regulatory announcement
AIM: FIPP
21 September 2023
Frontier IP Group Plc
("Frontier IP" or the "Group")
Portfolio news - Exscientia announces AI drug discovery
collaboration with Merck KGaA, Darmstadt, Germany worth up to $674
million
Frontier IP, a specialist in commercialising intellectual
property, today notes the following announcement from portfolio
company Exscientia plc ("Exscientia" or the "Company") of a new
collaboration with Merck KGaA, Darmstadt, Germany, ("Merck")
focused on the discovery of novel small molecule drug candidates
across oncology, neuroinflammation and immunology.
Under the terms of the agreement, Exscientia will receive an
upfront cash payment of $20 million from Merck and will be eligible
for discovery, development, regulatory and sales-based milestone
payments of up to $674 million in aggregate if all milestones for
three initial programmes are achieved.
Frontier IP holds a 0.4 per cent equity stake in Exscientia.
Exscientia statement begins:
-- Exscientia Announces AI Drug Discovery Collaboration with Merck KGaA, Darmstadt, Germany
-- Collaboration will leverage Exscientia's precision design
capabilities to focus on previously unsolved drug design
challenges
-- Exscientia is eligible to receive up to $674 million in
discovery, development, regulatory and sales-based milestones for
three projects, in addition to single to double digit royalty
payments on net sales
-- Up to $113 million of potential milestone payments in the
discovery phase, with $20 million upfront at initiation for three
projects
OXFORD, U.K. Exscientia plc (Nasdaq: EXAI) today announced a new
collaboration with Merck KGaA, Darmstadt, Germany focused on the
discovery of novel small molecule drug candidates across oncology,
neuroinflammation and immunology. The multi-year collaboration will
utilise Exscientia's AI-driven precision drug design and discovery
capabilities while leveraging Merck KGaA, Darmstadt, Germany's
disease expertise in oncology and neuroinflammation, clinical
development capabilities and global footprint.
Three potential first-in-class or best-in-class targets have
been identified as the initial focus of the partnership. The
collaboration allows Merck KGaA, Darmstadt, Germany and Exscientia
to identify additional targets in oncology and immunology or other
mutually agreed disease areas. Should Exscientia identify
additional targets for the collaboration, the company would be
responsible for target validation in addition to drug design and
eligible for additional discovery milestones.
"We're pleased that Merck KGaA, Darmstadt, Germany chose our
team of experts for this AI-led drug discovery collaboration," said
Professor Andrew Hopkins FRS FMedSci, founder and Chief Executive
Officer of Exscientia. We look forward to complementing their
outstanding scientific acumen with our integrated technology
platform and ability to generate novel data in order to address
some of the hardest drug design challenges in cancer and
immunology."
Under the terms of the agreement, Exscientia will receive an
upfront cash payment of $20 million from Merck KGaA, Darmstadt,
Germany and will be eligible for discovery, development, regulatory
and sales-based milestone payments of up to $674 million in
aggregate if all milestones for all three initial programmes are
achieved. If Merck KGaA, Darmstadt, Germany commercialises a
therapeutic from one of the initial targets of the collaboration,
Exscientia will receive tiered royalties on product sales ranging
from mid-single-digits to low-double-digits. The upfront cash
payment of $20 million is expected to be reflected in second half
2023 results for Exscientia as cash inflows from collaborations and
recognised as revenue over the duration of the agreement.
Forward-looking statements
This press release contains forward-looking statements as that
term is defined in the Private Securities Litigation Reform Act of
1995, including with respect to the initiation and duration of
Exscientia's collaboration with Merck and the activities undertaken
in connection with the collaboration. Any statement describing
Exscientia's goals, plans, expectations, projections, intentions or
beliefs is a forward-looking statement and should be considered an
at-risk statement. Such statements are subject to a number of
risks, uncertainties and assumptions, including those related to
the success of Exscientia's collaboration with Merck. In light of
these risks and uncertainties, and other risks and uncertainties
that are described in the Risk Factors section and other sections
of Exscientia's Annual Report on Form 20-F, filed with the
Securities and Exchange Commission (SEC) on March 23, 2022 (File
No. 001-40850), and other filings that Exscientia makes with the
SEC from time to time (which are available at https://www.sec.gov/
), the events and circumstances discussed in such forward-looking
statements may not occur, and Exscientia's actual results could
differ materially and adversely from those anticipated or implied
thereby. Although Exscientia's forward-looking statements reflect
the good faith judgement of its management, these statements are
based only on facts and factors currently known by the Company. As
a result, you are cautioned not to rely on these forward-looking
statements.
Exscientia statement ends
ENQUIRIES
Frontier IP Group Plc T: 020 7332 2338
Neil Crabb, Chief Executive neil@frontierip.co.uk
Andrew Johnson, Communications & Investor M: 07464 546 025
Relations
Company website: www.frontierip.co.uk
Allenby Capital Limited (Nominated Adviser) T: 0203 328 5656
Nick Athanas / George Payne
Exscientia plc
Media
Oliver Stohlmann media@exscientia.ai
Investor Relations
Sara Sherman investors@exscientia.ai
ABoUT EXscientia
Exscientia is an AI-driven precision medicine company committed
to discovering, designing and developing the best possible drugs in
the fastest and most effective manner. Exscientia developed the
first-ever functional precision oncology platform to successfully
guide treatment selection and improve patient outcomes in a
prospective interventional clinical study, as well as to progress
AI-designed small molecules into the clinical setting. Our internal
pipeline is focused on leveraging our precision medicine platform
in oncology, while our partnered pipeline broadens our approach to
other therapeutic areas. By pioneering a new approach to medicine
creation, we believe the best ideas of science can rapidly become
the best medicines for patients. For more information visit us on
www.exscientia.ai or follow us on Twitter @exscientiaAI
ABOUT FRONTIER IP
Frontier IP unites science and commerce by identifying strong
intellectual property and accelerating its development through a
range of commercialisation services. A critical part of the Group's
work is involving relevant industry partners at an early stage of
development to ensure technology meets real world demands and
needs.
The Group looks to build and grow a portfolio of equity stakes
and licence income by taking an active involvement in spin-out
companies, including support for fund raising and collaboration
with relevant industry partners at an early stage of
development.
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