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Mallinckrodt exercises option for two licences from Silence

By Josh White

Date: Thursday 16 Jul 2020

Mallinckrodt exercises option for two licences from Silence

(Sharecast News) - Silence Therapeutics announced on Thursday that Mallinckrodt has exercised its option, under the collaboration agreement announced in July 2019, to obtain exclusive worldwide licences for two additional complement-targeted RNAi assets from Silence.
The AIM-traded firm said it would receive a $2m (£1.59m) milestone payment on initiation of work for each asset, with the parties expecting to start work on both programmes shortly.

It said the collaboration between Silence and Mallinckrodt was aimed at the development and commercialisation of RNA therapeutics, designed to inhibit or "silence" the complement cascade - a group of proteins that are involved in the immune system, which play a role in the development of inflammation.

Those proteins were known to contribute to the pathogenesis of many diseases, including autoimmune diseases, the board explained.

Under the terms of the collaboration, Silence would be responsible for preclinical activities and for executing the development programme of each asset until the end of phase 1, after which Mallinckrodt would assume clinical development and responsibility for the global commercialisation of the assets.

Mallinckrodt would fund phase 1 clinical development, including 'Good Manufacturing Practice' (GMP) manufacture.

Silence would fund all other preclinical activities. Including the $2m milestone outlined above, and would be eligible to receive up to $10m in research milestones for each asset, and up to $703m per asset in clinical, regulatory and commercial milestones.

The company said it would also receive tiered, low double-digit to high-teen royalties on net sales for each asset.

In addition to the two new targets announced today, Mallinckrodt and Silence were already collaborating on the development of an RNAi therapeutic designed to target C3, the board confirmed.

Investigational new drug (IND) enabling activities had been initiated for the C3-targeted programme, dubbed 'SLN500'.

"Over the last year we have made great progress in our collaboration with Mallinckrodt and we are very pleased that they have exercised their option over two further complement targets," said executive chairman Iain Ross.

"Alongside our other recent deals with large pharma companies, this is a further validation of our science; a testament to the quality of our data and our dedication to treat serious diseases with high unmet need."

At 1202 BST, shares in Silence Therapeutics wre up 0.47% at 430p.

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