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(Alliance News) - C4X Discovery Holdings PLC on Monday said it signed an exclusive worldwide licensing agreement with AstraZeneca PLC for its NRF2 Activator programme.
C4X Discovery shares were up 35% to 27.65 pence on Monday morning in London. AstraZeneca shares were down 0.4% at 10,914.00p.
C4X Discovery Holdings is a Manchester-based developer of drug discoveries.
The company said AstraZeneca will develop and commercialise an oral therapy for the treatment of inflammatory and respiratory diseases, with a lead focus on chronic obstructive pulmonary disease.
The licensing agreement is worth up to USD402 million, and C4X Discovery will receive pre-clinical milestone payments worth up to USD16 million ahead of the first clinical trial, including USD2 million upfront.
C4X Discovery said it is eligible to receive a further potential USD385.8 million in clinical development and commercial milestones, and tiered mid-single digit royalties upon commercialisation.
"Targeting the NRF2 pathway to reduce inflammatory damage offers the potential for a new approach to treat a variety of inflammatory diseases such as chronic obstructive pulmonary disease, where activation of NRF2 may help in reducing the negative effects of the oxidative stress-induced progression of the disease," C4XD Discovery Chief Executive Clive Dix said.
The agreement marks the third "significant deal" for C4X Discovery with a major pharmaceutical company.
By Jaskeet Briah; jaskeetbriah@alliancenews.com
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