(Sharecast News) - Redx Pharma shares soared on Tuesday after it signed a licensing agreement with AstraZeneca for its porcupine inhibitor for fibrotic diseases, RXC006.
AstraZeneca will take RXC006 forward into clinical development, targeting fibrotic diseases including idiopathic pulmonary fibrosis (IPF).
Under the terms of the agreement, AstraZeneca will pay Redx several early milestones that amount to $17m, by the time of successful commencement of a phase 1 study. Redx will also be eligible to receive up to a further $360m from AstraZeneca in development, regulatory and commercial milestone payments throughout the course of the programme should it successfully reach these milestones.
Chief executive officer Lisa Anson said: "We are excited by the potential of porcupine inhibition as a novel approach to tackling fibrotic-associated diseases where there is a real patient need.
"This agreement, where AstraZeneca will license this first in class porcupine inhibitor for IPF and progress it into development, highlights, once again, Redx's ability to generate molecules that have significant potential as novel medicines."
At 0917 BST, Redx shares were up 220% to 80p.
(Sharecast News) - AstraZeneca boss Pascal Soriot was last night at the centre of an extraordinary row among City investors over his multi-million-pound bonus. The French chief executive has been lauded for rolling out Astra's life-saving Covid vaccine at no profit, as well as fighting off predatory buyers and boosting the company's share price since he took charge in 2012. But Astra's major shareholders are understood to have been locked in heated talks for days after the drugs giant proposed to boost his bonus and performance-related share award by £2.3million to £12million. - Financial Mail on Sunday