Sprint Bioscience has licensed the global rights to its cancer program VADA (VRK1) to Day One Biopharmaceuticals Inc.
“This agreement is yet another confirmation that the work we do within the company is of the highest international class. The VADA (VRK1) program has generated great interest in the industry globally and we have chosen Day One as a partner since we are convinced that they are well suited to take the program forward. The collaboration with Day One gives us a great opportunity to realize our strategy to become a profitable growth company that extends and improves the lives of cancer patients,” says Mathias Skalmstad, acting CEO and CFO of Sprint Bioscience.
316 million USD
The total potential value of the agreement amounts to 316 million USD plus single-digit royalties on sales of a future drug from the program. Upon entering into the agreement, Sprint Bioscience will receive an upfront payment of 3 million USD. In addition, Sprint Bioscience will project-lead the program and be reimbursed for continuing preclinical research and development activities in the coming two years.
In addition to the upfront payment and research funding, Sprint Bioscience is entitled to payments linked to predefined milestones during the program’s continued development, its regulatory process, and commercialization of a potential drug. The total value of these payments is up to 313 million USD.
Day One Biopharmaceuticals
The chosen partner, Day One Biopharmaceuticals Inc., is a clinical-stage American biopharmaceutical company, listed on the Nasdaq Global Select Market. With a clear focus on both solving the urgent needs of children with cancer and developing and commercializing targeted therapies for patients of all ages, Day One is judged to be a highly attractive partner for Sprint Bioscience’s VADA (VRK1) program.
Photo of Mathias Skalmstad: Sprint Bioscience