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Cambridge drug developer Proteostasis Therapeutics Inc. stands to make up to $50 million from a collaboration with Dublin biotech Elan Corp., related to advancements in neurodegenerative disorder treatments.
The deal calls for Elan to invest $20 million in equity funding into Proteostasis, with a possible $30 million more to come over five years, if the collaboration continues. In exchange, Elan becomes a 24 percent shareholder in Proteostasis, with first negotiation rights for licensing technology that stems from the collaboration. Elan will also gain seats on the Proteostasis board of directors and scientific advisory board.
Proteostasis has a small-molecule drug discovery platform aimed at developing therepeutics for Parkinson’s disease, Huntington’s disease, multiple sclerosis, amyotrophic lateral sclerosis (ALS) and Alzheimer’s disease.
Elan focuses its business on animal models, biology, medicinal chemistry and clinical development.
Proteostasis was founded by Andrew Dillin of the Howard Hughes Medical Institute, Jeffrey Kelley of the Scripps Research Institute in California and Richard Morimoto of Northwestern University’s Rice Institute for Biomedical Research.
Last month, the Cambridge company acquired two licenses pertaining to protein clearance technology from Harvard University.
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