AstraZeneca Acquires Pinetree’s EGFR Degrader for $45 Million Upfront

1. Deal Value: AstraZeneca has entered into a licensing agreement with Pinetree Therapeutics, paying $45 million upfront and up to $500 million in milestone-based payments for a preclinical EGFR degrader.
2. EGFR Degrader: The pan-EGFR degrader, created using Pinetree's proprietary multispecific antibody platform AbReptor, has shown promising preclinical anti-tumor efficacy against drug-resistant tumors.
3. Targeted Protein Degradation: The deal highlights the growing interest in targeted protein degradation, with over 200 therapies under development categorized as molecular glue drugs.
4. AstraZeneca's Oncology Portfolio: The acquisition expands AstraZeneca's oncology portfolio, building on the success of its EGFR inhibitor Tagrisso, which achieved $5.8 billion in sales last year.
5. Future Potential: GlobalData forecasts Tagrisso's sales to rise to over $7.4 billion by 2030, and the new EGFR degrader could further enhance AstraZeneca's position in the oncology market.