Percival Barretto-Ko, Plexium CEO

Am­gen, look­ing for a path in­to red-hot 'mol­e­c­u­lar glues,' inks a deal with Plex­i­um for 2 pro­grams, po­ten­tial­ly more

As phar­ma con­tin­ues to seek new break­throughs across drug modal­i­ties, few ar­eas have gar­nered more in­ter­est than pro­tein degra­da­tion. And Am­gen is tak­ing a fly­er out on a small biotech that thinks its broad ap­proach to de­grad­er R&D could spell a fruit­ful re­la­tion­ship with the drug gi­ant.

Am­gen could pay more than $500 mil­lion in down­stream mile­stones with an undis­closed amount up­front for ac­cess to two pro­grams — and po­ten­tial­ly more — from Plex­i­um, a biotech work­ing on an “ag­nos­tic” ap­proach to tar­get­ed pro­tein degra­da­tion, the com­pa­nies said Thurs­day.

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