Hatfield-based Code Biotherapeutics Enters Collaboration Deal with Takeda Potentially Worth $2B

Brian P. McVeigh, CEO and co-founder of Code Bio
Image via Code Bio.

Hatfield-based Code Biotherapeutics has entered into a collaboration and option deal with Takeda with a potential value of $2 billion, writes John George for The Business Journals.

Under the terms of the agreement, Takeda will leverage the biotechnology company’s proprietary targeted 3DNA non-viral genetic medicine delivery platform in order to design and develop gene therapies for liver-directed rare disease indications.

Also, the companies will conduct additional studies that will target rare central nervous system disorders.

Brian P. McVeigh, CEO and co-founder of Code Bio
Brian P. McVeigh, CEO and co-founder of Code Bio

The deal gives the American-Japanese multinational pharmaceutical company the right to exercise exclusive license options on four programs.

The financial terms of the deal were not disclosed but Code Biotherapeutics did state it will receive “double-digit million dollars” in upfront and near-term milestone as well as research funding payments.

The company will also receive future development and commercial milestone payments along with tiered royalties.

This puts the potential value of the agreement throughout the partnership as high as $2 billion, providing all four programs achieve certain milestones.

According to Brian P. McVeigh, CEO and co-founder of Code Bio, the collaboration will help enhance the company’s capabilities by combining Takeda’s gene therapy and rare diseases expertise with Code Bio’s knowledge in delivering genetic medicines.

Read more about Code Biotherapeutics in The Business Journals.