$10M deal for Evolva and Summit
UK biotechnology company Summit, formerly known as VASTox has signed a three-year agreement with Switzerland-based Evolva Biotech to develop new drugs, under which the two firms will make an initial co-investment of $1.0 million and in excess of $10.0 million over the term the accord.
The collaboration covers Summit's immunomodulator drug candidate SMT14400 (previously VOX 14400) and backup compounds from its proprietary imino sugar library. The firms will work together to develop clinical-stage compounds that show efficacy against viruses and bacteria, relating specifically to bio-defense targets such as anthrax and ebola. In Europe and the USA, they note, there is currently substantial government support for R&D in this area running to over $100.0 million.
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