Syneron Bio, a China-based oral macrocyclic peptide drug biotech company, announced on Friday that it is collaborating with AstraZeneca, a UK-based global biopharmaceutical company, to develop potential first-in-class macrocyclic peptides intended for the treatment of chronic diseases.

Under this collaboration, AstraZeneca will gain access to Syneron Bio's innovative Synova platform, an intelligent and high-throughput macrocyclic peptide drug research and development platform, designed to support the advancements of research programmes exploring possible future treatments of chronic diseases, including rare, autoimmune, and metabolic disease.

Under the terms of the agreements, AstraZeneca will provide upfront payments and potential near-term milestone payments totalling USD75m and up to USD3.4bn in additional development and commercial milestones. In addition, tiered royalties will be paid based on global sales. AstraZeneca will also make an equity investment. As a result of this collaboration, Syneron Bio plans to expand its Beijing R&D centre.

Dr Frank Zhang, Syneron Bio founder and CEO, said: "We are honoured to partner with AstraZeneca. Interest in our Synova platform is incredibly inspiring and driven by the promising research and results we have already delivered. In the face of growing challenges posed by chronic diseases such as autoimmune and metabolic disorders, this collaboration underscores our commitment to advancing drug development."