Vertex partners Crispr on cystic fibrosis

Vertex Pharmaceuticals has partnered Crispr Therapeutics on a collaboration agreement on cystic fibrosis which will be worth $105m to Crispr in cash and equity.

Crispr, which is utilising technology from University of California Berkeley and Vienna University, will receive $75m in cash and give up $30m in equity to Vertex. In return, Vertex will receive the option to licence up to six gene-based treatments which come out of the four year partnership. Crispr could also make up to $420m for each of the six treatments based on certain milestones.

Rodger Novak, CEO of Crispr, said: “We came to the conclusion that it made sense for us to do something together. We’re looking for potential partners who had capabilities we don’t have. With this partnership, we have access to the cash we need to support our research programs. Our financing position has changed overnight so we have a lot of flexibility.”