AstraZeneca exercised its exclusive option to globally license Pinetree's preclinical EGFR degrader PTX-299, triggering a $25M option-closing payment plus future development, regulatory and commercial milestones and tiered royalties; total potential value exceeds $500M.
Key facts
AnnouncedApr 29, 2026
ClosedApr 29, 2026
Deal value$500M
Deal typeLicensing/Option
Therapeutic areaEGFR-driven cancers (NSCLC and other solid tumors)
IndicationsEGFR-driven cancers (NSCLC and other solid tumors)
Key assetsPTX-299 (bispecific antibody degrader of EGFR; AbReptor platform)
MechanismTargeted protein degradation - bispecific antibody-based degrader that selectively eliminates membrane-bound EGFR rather than inhibiting kinase activity