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)

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