Shares of British pharmaceutical company Redx Pharma (LON: REDX) today surged 280% after the company revealed that it had signed a licensing deal with AstraZeneca for the commercial development of RXC006, a porcupine inhibition treatment for fibrotic diseases.
Redx stock traded as high as 95p having closed yesterday’s session at 25p, a huge 280% gain.
The company is set to receive up to $17 million as part of initial payments and could earn a further $360 million as various development and commercialisation milestones are achieved.
Interested in investing after today’s move?
XTB gives investors access to thousands of UK and international stocks,
including fractional shares from just £1.
Explore stocks with XTB →
Your capital is at risk. The value of your investments may go up or down. Past performance is not a reliable indicator of future performance.
Want to invest in the stocks making the news?
Go from following the market to investing in it, with access to thousands
of stocks across major UK and international markets.
See available stocks →
Your capital is at risk. The value of your investments may go up or down. Past performance is not a reliable indicator of future performance.
Own the stocks you’re reading about
Invest in real shares across the UK, US and other major global markets
through XTB, all from one investment account.
Explore XTB shares →
Your capital is at risk. The value of your investments may go up or down. Past performance is not a reliable indicator of future performance.
You don’t need to buy a whole share
Fractional shares let you invest from just £1, giving you more control
over how much you put into individual companies.
Explore fractional shares →
Your capital is at risk. The value of your investments may go up or down. Past performance is not a reliable indicator of future performance.
Want to see how XTB works first?
Explore the platform with an XTB demo account before deciding whether
you want to invest with real money.
Try the XTB demo →
Your capital is at risk. The value of your investments may go up or down. Past performance is not a reliable indicator of future performance.
The firm is also eligible for tiered royalty payments set at mid-single-digit percentages based on future net sales figures.
The agreement will see AstraZeneca take RXC006 into clinical development with the end goal of treating fibrotic diseases such as idiopathic pulmonary fibrosis.
According to Redx Pharma, the RXC006 drug takes an innovative approach to treating fibrotic diseases.
Redx Pharma share price
