What is going on with SWTX?
SpringWorks Therapeutics, Inc. (SWTX) stock is higher today after the company announced that it has entered into a collaboration agreement with Ab Magnitude Ventures Group, LLC and Ab Magnitude Fund, LP (collectively called Ab Magnitude) for the development of next-generation targeted oncology therapeutics.
Ab Magnitude is led by Yibing Shan, Ph.D., a leading structural computational biologist who was a founding member of D.E. Shaw Research, a computational biochemistry research company.
Shares of SWTX increased 0.93% to $58.90 as of Wednesday at 11:20am.
What does this mean for SpringWorks Therapeutics?
SpringWork's agreement will give the company an opportunity to work with Dr. Shan, whose simulations of protein structural dynamics have previously yielded important insights on the activity of oncogenic proteins and the identification of binding sites for small molecule therapies.
Under the terms of the agreement, the two companies will collaborate on a portfolio of EGFR inhibitors. Ab Magnitude will support optimization and characterization of the portfolio using its computational platform.
“We believe that Dr. Shan’s track record of identifying novel druggable targets for the design of new cancer therapies is unparalleled and represents a natural complement to our strategy of developing differentiated targeted therapies on behalf of cancer patients,” said Badreddin Edris, Ph.D., COO of SpringWorks.
“We look forward to collaborating with Ab Magnitude and we believe that by incorporating these cutting-edge computational approaches into our early-stage drug discovery and development capabilities, we will be well positioned to continue expanding our emerging preclinical pipeline and advancing promising candidates into the clinic.”
Under the terms of this agreement, Ab Magnitude is eligible for low single-digit percentage royalties on future net sales of products or other realizations of value arising from the collaboration.
SWTX has a Fundamental Rank of 80. Find out what this means to you and get the rest of the rankings on SWTX!
SpringWorks Therapeutics Inc is a United States-based biopharmaceutical company. It is focused on identifying, developing, and commercializing therapies for underserved patient populations suffering from severe rare diseases and cancer. The firm's pipeline product includes Mirdametinib, Nirogacestat, and others.
