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news.RQx Pharmaceuticals and Genentech, a member of the Roche Group, have signed a drug discovery deal to develop new compounds for an unrevealed target.
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As per the deal, RQx will earn an up-front payment in addition to research and development milestone payments worth $111m.
RQx CEO and venture partner at Avalon Venture Court Turner said, "We have made tremendous progress at RQx since the company’s founding two years ago, and we are pleased to be moving forward in partnership with Genentech to bring new drugs to market."
RQx is also entitled to earn sales based royalties related on products which come out of the deal.
Genentech partnering senior vice president James Sabry said, "We see a unique opportunity to apply Genentech’s expertise in drug discovery and development with the innovation and focus of RQx, to develop a new class of novel drug compounds."