Setting its sights on a potential cure for cystic fibrosis and sickle cell disease, Vertex ($VRTX) is committing $105 million in cash to embrace the gene editing pioneer CRISPR Therapeutics, which has been building a research hub in Cambridge, MA.
Vertex, which has been concentrating on its cystic fibrosis drug franchise in recent years, is paying $75 million in an upfront investment while taking a $30 million equity stake in CRISPR, which was founded on the game-changing gene editing technology developed by the award-winning scientist Emmanuelle Charpentier.
A spokesperson for CRISPR notes that the four-year pact gives Vertex the right to option up to 6 programs, with Vertex and CRISPR sharing the development cost on hemoglobin-related programs, such as sickle cell anemia. CRISPR is keeping the U.S. commercialization rights for sickle cell disease. In other areas, Vertex is paying the freight on development and each program is tied to up to $420 million in milestones–up to $2.6 billion in total….
Source: Fierce Biotech