Redx Pharma Shares Skyrocket on AstraZeneca Agreement
August 04 2020 - 3:47AM
Dow Jones News
By Anthony O. Goriainoff
Shares in Redx Pharma PL rose sharply on Tuesday after the
company said that it signed an out licensing agreement with
AstraZeneca PLC for the development and commercialization of
RXC006, a porcupine inhibitor for fibrotic diseases.
Shares at 0710 were up 45 pence, or 180%, at 70 pence.
The London-listed, drug discovery-and-development company said
it will receive up to $17 million in early payments, and that it is
eligible to receive up to a further $360 million in development and
commercial milestones, plus tiered royalties of mid-single digit
percentages, based on any future net sales.
The company said that under the deal AstraZeneca will take
RXC006 forward into clinical development, targeting fibrotic
diseases including idiopathic pulmonary fibrosis.
Porcupine inhibition is a novel anti-fibrotic approach, the
company said.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
August 04, 2020 03:32 ET (07:32 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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