PeptiDream Inc. announced an expansion of its peptide discovery collaboration with Swiss-based Novartis Pharma AG. Under the multi-program agreement, PeptiDream will use its proprietary Peptide Discovery Platform System ("PDPS®?") technology to identify and optimize novel macrocyclic peptides against targets selected by Novartis, for potential conjugation to radionuclides (to which Novartis refers to as "radioligand therapies" or "RLTs") or other applications for both therapeutic and diagnostic purposes. This new agreement expands upon the peptide-drug conjugate (PDC) collaboration announced in 2019, and further highlights the two companies' long-standing discovery efforts, originally initiated in 2010, and extended multiple times, including Novartis's licensing of PeptiDream's PDPS technology in 2015.

Under the terms of the agreement, Pepti Dream will receive an upfront payment of $180 million USD (28.03 billion JPY*1) from Novartis. In addition, PeptiDream is eligible to receive up to $2.71 billion USD (422.03 billion JPY1) in payments based on the achievement of specified development, regulatory and commercial milestones, plus tiered royalties on net sales of any such products arising from the collaboration. Closing of the transaction is subject to the parties' receipt of any necessary consents or approvals, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.