Kineta could receive more than $359 million as a result of the deal.
Seattle biotech Kineta will partner with big biotech company Genentech to make and sell a drug used to treat chronic pain, in a deal that could be worth more than $359 million for the Seattle company.
Kineta announced Monday it made a deal with San Francisco-based Genentech to develop Kineta’s existing target therapy into a medicine that treats nerve pain.
“There is a tremendous unmet patient need to develop more effective, safer and nonaddictive therapies for the many people who suffer from chronic pain,” Kineta CEO Shawn Iadonato said in a statement Monday.
The Seattle company will be eligible to receive up to $359 million as part of the deal, in addition to an undisclosed upfront payment. It could also receive royalties on eventual sales of products that result from the deal.
Most Read Stories
- Snohomish County man has the United States’ first known case of Wuhan coronavirus
- 5 of the Seattle area's most changed neighborhoods: We crunched the data on population, income, jobs
- 'We were before our time': Remembering the fight to change King County's namesake from a slave owner to a civil-rights leader VIEW
- Did the Seahawks make a mistake by letting Richard Sherman go?
- How white families with young children can work to undo racism