Alchemia Limited (ASX:ACL)
says its signed a multi-target, drug discovery collaboration with global pharmaceutical giant AstraZeneca.
Under the agreement, Alchemia will receive an undisclosed upfront payment and is eligible for preclinical, clinical and commercial launch payments of up to $240 million.
The collaboration includes the use of the Diversity Scanning Array (DSA) and the Versatile Assembly on Stable Templates (VAST) chemistry platform to discover and develop novel small molecules against multiple targets.
The drug development company will provide AstraZeneca with access to its VAST discovery platform, which AstraZeneca will use to seek small novel molecules to treat a variety of diseases.
Alchemia reported a net loss of $5.9 million in the first half of fiscal 2013.