Shares of Redx Pharma Plc (LON: REDX) surged 78.6% higher today after the company announced a collaboration with Jazz Pharmaceuticals, a US company, for the discovery and development of two cancer therapies.
Redx Pharma will receive an upfront payment of US$10 million and a similar amount in the second year if the research is still continuing. The deal also includes US$400 million in milestone payments and staggered royalties.
The company will lead the discovery and preclinical development of the two cancer therapies.
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Today’s deal follows the sale of Redx’s preclinical pan-RAF inhibitor programme to Jazz for the potential treatment of RAF and RAS mutant tumours in July 2019.
Lisa Anson, REdx pharma’s CEO said: “We are extremely pleased to announce this new collaboration with Jazz, which expands on our already strong working relationship, built through a year of collaboration on the pan-RAF inhibitor programme. This new agreement reinforces Redx’s strong position as a successful research partner and its expertise in medicinal chemistry and drug design.”
Redx Pharma share price
Redx Pharma shares today surged 78.6% to trade at 93.6p having ended Tuesday’s session trading at 52.4p.
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