Syrrx, Inc., a next generation structure based drug discovery company, announced the receipt of the first success-based milestone payment from Biogen Idec based on a collaborative agreement executed on December 16, 2003 between the two parties.
The collaboration applies Syrrx's expertise in high-throughput crystallization of proteins across multiple Biogen Idec drug targets.
Terms of the agreement include an up-front technology access fee, plus success and other target-related fees payable by Biogen Idec to Syrrx upon the achievement of collaboration goals. The agreement also contemplates the potential for a broader collaboration between the two parties in the future. Financial terms of the agreement were not disclosed.
"This collaboration with Biogen Idec provides Syrrx with the opportunity to demonstrate our ability to rapidly crystallize challenging drug discovery targets as part of an automated, high-throughput drug discovery effort," said Stephen W. Kaldor, Syrrx president and chief scientific officer. "I am pleased that we have received our first success milestone, and I look forward to exploring opportunities to expand our relationship with Biogen Idec."