Coley Will Acquire 3M Drug Candidates

Coley Pharmaceuticals will pay $20 million over three years for the majority of 3M's cancer drugs targeting proteins, called toll-like receptors (TLR), that activate the immune system. The Wellesley, Mass.-based firm gains a pipeline of preclinical and clinical small molecules targeting TLR7 and TLR8, a library of 10,000 small molecules that stimulate those targets, and related intellectual property. Coley has been focused on using oligonucleotides to stimulate or block TLR9. One of the 3M compounds is expected to enter Phase I/II clinical trials next year. 3M will receive milestone payments and royalties on the sale of any products stemming from the purchase.