(Alliance News) - Redx Pharma PLC on Wednesday said it has struck a deal to sell Kirsten rat sarcoma virus inhibitor program to Dublin-based Jazz Pharmaceuticals PLC.
Redx Pharma shares soared 44% to 28.70 pence each in London on Wednesday morning.
The Macclesfield, England-based clinical-stage biotechnology company said it will receive USD10 million upfront, with a potential for up to USD870 million in development, regulatory and sales milestone payments in addition to royalties on future net sales.
Jazz Pharmaceuticals and Redx will collaborate to advance candidates through IND-enabling studies; Jazz Pharmaceuticals will be responsible for all clinical development, regulatory, manufacturing and commercialisation activities.
By Sabrina Penty, Alliance News reporter
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