Biopharmaceutical company Abide Therapeutics has collaborated with Merck to develop new therapies for type 2 diabetes and metabolic diseases.

The collaboration agreement will focus on the discovery, development and commercialisation of small-molecule therapies directed against three novel targets to treat metabolic diseases, with a particular focus on type 2 diabetes.

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Abide Therapeutics president and CEO Dr Alan Ezekowitz said the collaboration utilises Abide’s therapeutic engine.

"We are eager to validate unique targets that we hope will lead to the development of novel therapeutics that will benefit patients with diabetes and metabolic diseases," Ezekowitz said.

"The collaboration agreement will focus on the discovery, development and commercialisation of small-molecule therapies directed against three novel targets to treat metabolic diseases, with a particular focus on type 2 diabetes."

As per the terms of the deal, Abide is eligible for an upfront payment, research funding and potential milestone payments worth $430m for three products.

Merck gains global commercialisation rights to products resulting from the collaboration, while Abide is eligible for sales-based royalties from any such products.

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Additional financial details relating to the collaboration have not been disclosed.

Merck Research Laboratories diabetes and metabolism senior vice president and franchise head Nancy Thornberry said diabetes and related disorders continue to represent a global, unmet medical need.

"We look forward to working with Abide on the discovery and development of important new medicines," Thornberry added.