C4 Therapeutics Announces Strategic Discovery Research Collaboration with Merck KGaA,Darmstadt, Germany, Against Critical Oncogenic Proteins
March 4, 2024 12:00 PM EST

Collaboration Focused on Two Targeted Protein Degraders from C4T’s Internal Discovery Pipeline
C4T to Receive a $16 Million Upfront Payment; Merck KGaA, Darmstadt, Germany, to Cover Discovery Research Costs Under the Collaboration
C4T Eligible for up to Approximately $740 Million in Discovery, Development and Commercial Milestone Payments, in Addition to Future Royalties,Across Entire Collaboration
WATERTOWN, Mass., March 04, 2024 (GLOBE NEWSWIRE) -- C4 Therapeutics, Inc. (C4T) (Nasdaq: CCCC), a clinical-stage biopharmaceuticalcompany dedicated to advancing targeted protein degradation science, today announced it has entered into a license and collaboration agreementwith Merck KGaA, Darmstadt, Germany, which operates its healthcare business as EMD Serono in the U.S. and Canada, to exclusively discover twotargeted protein degraders against critical oncogenic proteins that C4T has progressed within its internal discovery pipeline.
“We look forward to partnering with Merck KGaA, Darmstadt, Germany, and leveraging our collective strengths to advance an exciting program from
C4T’s internal oncology pipeline that has the potential to transform how cancer is treated,” said Andrew Hirsch, president and chief executive officer of
C4 Therapeutics. “This new partnership highlights C4T’s differentiated approach to targeted protein degradation science and our strong track record ofdesigning novel targeted protein degrader medicines with desirable drug-like properties that have the potential to treat patients with unmet medicalneeds.”“The collaboration adds to Merck KGaA, Darmstadt, Germany's growing portfolio of targeted protein degradation projects and accelerates our efforts
to expand our presence in this highly dynamic field,” said Paul Lyne, Head of Research Unit Oncology at the Healthcare business sector of Merck
KGaA, Darmstadt, Germany. “We look forward to capitalizing on C4 Therapeutics’ experience in advancing degrader candidates targeting diseasecausing proteins from discovery to the clinical stage, with the shared goal of improving patient outcomes.”
Under the terms of the agreement, C4T and Merck KGaA, Darmstadt, Germany, will collaborate to discover two targeted protein degraders against
critical oncogenic proteins. C4T will receive an upfront payment of $16 million. Merck KGaA Darmstadt, Germany, will fund C4T’s discovery research
efforts. C4T has the potential to receive up to approximately $740 million in discovery, regulatory, and commercial milestone payments across thecollaboration. In addition, C4T is eligible for mid-single to low-double digit tiered royalties on future sales for each program.
As part of the collaboration, C4T will utilize its proprietary TORPEDO® platform to discover degraders targeting the partnership’s oncogenic proteins ofinterest. Merck KGaA, Darmstadt, Germany, will be responsible for clinical development and commercialization for drug candidates coming out ofthese programs.
About C4 Therapeutics
C4 Therapeutics (C4T) (Nasdaq: CCCC) is a clinical-stage biopharmaceutical company dedicated to delivering on the promise of targeted protein
degradation science to create a new generation of medicines that transforms patients’ lives. C4T is progressing targeted oncology programs throughclinical studies and leveraging its TORPEDO® platform to efficiently design and optimize small-molecule medicines to address difficult-to-treat
diseases. C4T’s degrader medicines are designed to harness the body’s natural protein recycling system to rapidly degrade disease-causing proteins,offering the potential to overcome drug resistance, drug undruggable targets and improve patient outcomes. For more information, please
visit www.c4therapeutics.com.
Forward-Looking Statements
This press release contains “forward-looking statements” of C4 Therapeutics, Inc. within the meaning of the Private Securities Litigation Reform Act of1995. These forward-looking statements may include, but may not be limited to, express or implied statements regarding our ability to develop
potential therapies for patients; the design and potential efficacy of our therapeutic approaches; the predictive capability of our TORPEDO® platform inthe development of novel, selective, orally bioavailable BiDAC™ and MonoDAC™ degraders; our ability to achieve potential future milestone orroyalty payments; and our ability to fund our future operations. Any forward-looking statements in this press release are based on management’s
current expectations and beliefs of future events and are subject to a number of risks and uncertainties that could cause actual results to differ
materially and adversely from those set forth in or implied by such forward-looking statements. For a discussion of the risks and uncertainties, andother important factors, any of which could cause our actual results to differ from those contained in the forward-looking statements, see the section
entitled “Risk Factors” in C4 Therapeutics’ most recent Annual Report on Form 10-K and/or Quarterly Report on Form 10-Q, as filed with the Securities
and Exchange Commission. All information in this press release is as of the date of the release and C4 Therapeutics undertakes no duty to update thisinformation unless required by law.
Contacts:
Investors:
Courtney Solberg
Senior Manager, Investor Relations
CSolberg@c4therapeutics.com
Media:
Loraine Spreen
Senior Director, Corporate Communications & Patient Advocacy
LSpreen@c4therapeutics.com