Wilson Sonsini Goodrich & Rosati advised Crinetics on the deal.
Crinetics Pharmaceuticals, a clinical stage pharmaceutical company focused on the discovery, development, and commercialization of novel nonpeptide therapeutics for rare endocrine diseases and endocrine-related tumors, together with 5AM Ventures and Frazier Healthcare Partners, announced the formation of an independently operated new company, Radionetics Oncology. Radionetics aims to develop a deep pipeline of novel, targeted, nonpeptide radiopharmaceuticals for the treatment of a broad range of oncology indications.
Radionetics’ pipeline is based on a broadly enabling platform and intellectual property that will leverage more than a decade of discovery experience within Crinetics. The platform uses nonpeptides as targeting agents designed to deliver therapeutically active radiopharmaceuticals to tumors expressing unique peptide receptors. Radionetics’ initial drug development efforts will center on advancing a collection of 10 potent nonpeptide-targeted radiopharmaceutical candidates and leads, discovered at Crinetics, into clinical imaging and efficacy studies. Radionetics will work independently and with Crinetics to identify additional novel radiopharmaceutical targets and drug candidates for a range of cancer indications.
In conjunction with formation of the company, Radionetics will receive an exclusive world-wide license to the radiotherapeutics technology platform and associated intellectual property from Crinetics for use in developing radiotherapeutics and related radio-imaging agents in exchange for equity, milestones in excess of $1 billion and single-digit royalties on net sales. Radionetics launches with a $30 million private financing with 5AM Ventures and Frazier Healthcare Partners as the sole investors. Radionetics and Crinetics will also engage in a research collaboration to identify drug candidates for multiple additional targets.
The technology transactions and patent groups from Wilson Sonsini that advised Crinetics on the transaction includes Norm Hovijitra, Miranda Biven (Picture), Valentin Zunic, and Michael Hostetler.
Involved fees earner: Miranda Biven – Wilson Sonsini Goodrich & Rosati; Michael Hostetler – Wilson Sonsini Goodrich & Rosati; Norman Hovijitra – Wilson Sonsini Goodrich & Rosati; Valentin Zunic – Wilson Sonsini Goodrich & Rosati;
Law Firms: Wilson Sonsini Goodrich & Rosati;
Clients: Crinetics Pharmaceuticals;