(Correcting the headline to state that Arix's portfolio firm LogicBio has partnered with Daiichi Sankyo and CANbridge.)
Arix Bioscience PLC - firm that invests in biotech companies - Says portfolio company LogicBio Therapeutics has entered into a strategic collaboration with CANbridge Pharmaceuticals and a research partnership with Daiichi Sankyo. As part of the CANbridge Pharmaceuticals agreement, LogicBio will be eligible to receive an upfront payment of USD10 million, in addition to up to USD581 million in option payments and milestones payments, as well as up to double-digit royalties.
The Daiichi Sankyo agreement will involve the collaboration on the development of treatments for two undisclosed indications based on GeneRide, LogicBio's gene insertion platform. The agreement also grants Daiichi Sankyo an option to negotiate and acquire worldwide licenses for LogicBio's development programs in these two indications.
"By partnering with Daiichi Sankyo, a global leader in developing innovative medicines, we are reinforcing our commitment to bring innovative therapeutics to people living with serious genetic conditions including many that can present symptoms as early as infancy," says LogicBio Chief Executive Frederic Chereau.
Arix current stock price: 189.88 pence
Year-to-date change: down 13%
Daiichi Sankyo current stock price: JPY2,815.00
Year-to-date change: down 20%
By Zoe Wickens; zoewickens@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.