RTW Biotech highlights "major milestone" as Corxel lands Sanofi deal

Mon, 30th Dec 2024 08:52

(Alliance News) - RTW Biotech Opportunities Ltd on Monday reported two key developments at its Shanghai-based portfolio company Corxel Pharmaceuticals Co Ltd.

The investment fund managed by RTW Investments LP specialises in the life sciences sector.

It said that Corxel, formerly Ji Xing Pharmaceuticals Ltd, entered into a definitive agreement earlier in December for pharmaceutical firm Sanofi SA to acquire exclusive rights to develop and commercialise aficamten in Greater China for an undisclosed fee.

Aficamten is a drug treatment for obstructive hypertrophic cardiomyopathy, a genetic heart condition diagnosed in around 130,000 to 330,000 patients in China.

This follows on from RTW Biotech's update in November where it stated that Corxel's drug application for aficamten was accepted by China's National Medical Products Administration. The drug has also received breakthrough therapy designation from the US Food & Drug Administration.

RTW Biotech added that last Monday, Corxel said it acquired worldwide rights to an oral small molecule glucagon-like peptide-1 receptor agonist known as CX11 from Suzhou, China-based Vincentage Pharma Co Ltd for the treatment of obesity and diabetes.

Corxel was founded and launched by RTW Investments in 2019.

Shares in RTW Biotech were down 0.7% at USD1.42 on Monday morning in London.

Peter Fong, president at RTW Biotech's manager RTW Investments, said: "This agreement with Sanofi is a major milestone for Corxel and proves its strong capability to select leading innovative drug candidates of high significance for patients."

"Obesity has become a major risk factor for a number of chronic diseases like diabetes, hypertension and liver disease, as well as cardiovascular diseases such as heart disease and stroke, which are the leading causes of death worldwide. This acquisition marks the expansion of Corxel's cardiometabolic pipeline into obesity and diabetes," added RTW Investments Chief Investment Officer Roderick Wong.

By Christopher Ward, Alliance News reporter

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