Kineta inks $360 million deal with Genentech for chronic pain drug

Bottles of prescription painkiller OxyContin made by Purdue Pharma LP sit on a shelf at a local pharmacy in Provo, Utah, April 25, 2017.

George Frey | Reuters

Bottles of prescription painkiller OxyContin made by Purdue Pharma LP sit on a shelf at a local pharmacy in Provo, Utah, April 25, 2017.

Kineta Chronic Pain LLC has inked a drug collaboration deal with pharmaceutical giant Genentech to develop non-opioid chronic pain treatment.

The Seattle-based biotech, a subsidiary of Kineta Inc., received an undisclosed upfront payment as part of the deal along with also can be eligible for milestone payments up to $359 million as well as royalty payments.

San Francisco-based Genentech has the option to license technologies developed during the collaboration. Swiss drug maker Roche bought Genentech for $46.8 billion in 2009.

“We are very excited to collaborate with Genentech as they are one of the earth’s leading biotech companies along with also an ideal strategic partner for Kineta,” Kineta CEO Shawn Iadonato said in a news Discharge. “There can be a tremendous unmet patient need to develop more effective, safer along with also non-addictive therapies for the many people who suffer through chronic pain.”

Early tests of the drug, known as α9/α10 nicotinic acetylcholine receptor, have shown disease-modifying effects including reduced inflammation along with also nerve protection at the injury site. of which means the drug could help in slowing the progression of chronic pain.

Founded in 2008, Kineta develops drugs for chronic pain, autoimmune along with also infectious diseases.

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