Amgen, a Thousand Oaks, Calif.-based biopharmaceutical company, will partner with Generate Biomedicines for a research collaboration agreement to discover and create five protein therapeutics for clinical targets.
Amgen will pay $50 million upfront to fund the five programs, with a potential transaction value of $1.9 billion plus future royalties, according to a Jan. 6 press release.
For each program, Amgen will pay up to $370 million in future milestones and royalties. It will also participate in a future financing round for Generate.
Cambridge, Mass.-based Generate Biomedicines is a company that uses machine learning and AI to program protein therapeutics.