Redx Pharma PLC - Macclesfield, England-based drug discovery and biotechnology company - Signs exclusive licence agreement for its porcupine inhibitor, RXC006, with AstraZeneca PLC. Redx Pharma will see up to USD17.0 million in early payments and then a further USD360 million in development and commercial milestones, plus tiered royalties. AstraZeneca see RXC006 through clinical development with the aim of targeting fibrotic diseases including idiopathic pulmonary fibrosis. Porcupine inhibition is a novel anti-fibrotic approach that suppresses Wnt ligand secretion from pro-fibrotic cells.
Current stock price: 70.00 pence
Year-to-date change: up more than 100%; 8.25p at December 31, 2019
By Greg Roxburgh; gregroxburgh@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Astrazeneca (AZN)