, the AIM-listed biotech company driving drug discovery in cancer and fibrosis, announced the sale of its pan-RAF inhibitor programme to Jazz Pharmaceuticals for up to $203 million.
The pan-RAF programme, to be bought for an initial $3.5 million, is aimed at the potential treatment of RAF and RAS mutant tumours.
As part of the deal, Redx is eligible to receive up to $203m in milestone payments from Jazz. The next milestones will be its initiation of IND enabling studies, followed by a submission to the FDA, after which Redx would be entitled to tiered royalties based on any future sales.
Shares in Redx Pharma skyrocketed to 140% following the news.
Lisa Anson, Chief Executive Officer of Redx, said: "We are pleased to deliver on our previously announced intention to realise value from our pan-RAF research programme through entering into this strategic transaction with Jazz.”
The nature of the programme has huge potential value with its aims to overcome mutations that occur in more than one third of all cancers, making Dublin-based Jazz, with its growing oncology portfolio, an unsurprising buyer.
Ms Anson touched on the larger implications of the UK-based company selling its programme to a global firm, noting: “Jazz has a growing hematology/oncology portfolio and demonstrated success in developing and commercialising treatments for patients worldwide.”
Whilst Jazz will take on full responsibility for all future developments of the programme, Redx has agreed, in a parallel agreement, to remain in collaboration with Jazz, receiving appropriate funds to advance the programme itself through IND-enabling studies.
Robert Iannone, Executive Vice President of Research and Development at Jazz Pharmaceuticals, commented:
"We look forward to advancing the pan-RAF inhibitor program that is part of a novel class of next generation precision oncology drugs and is highly complementary to our growing R&D portfolio of early-stage, innovative, hematology/oncology therapies."
For more news and updates on Redx Pharma:
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.
The investment firm, said its final results for the year ended 31 December 2019 have ‘significantly improved compared to the previous year’ as a result of its new investment strategy in listed junior companies through debt and equity linked products.
After deferring his decision to step down as CEO as a result of the coronavirus crisis, Stephen Blyth today announces his official step down from the role but says he will continue as a director in the position of Founder and non-executive Deputy Chairman.
The in-game advertiser has raised new funds to expand its international presence, particularly in the US and Far East while pursuing increased demand side interest from major international advertising groups.
AstraZeneca said it will be able to supply two billion doses of a potential virus vaccine following two new deals. Last month, AstraZeneca said it could manufacture one billion doses, that it is developing with scientists at Oxford University but yesterday after signing two deals, including one backed by Bill Gates, means it can double production.
Cluff said it is ‘fully committed’ to drilling a Shell-partnered North Sea prospect, but that drilling at the Selene prospect is now expected to start in 2022. Meanwhile, the Company remains fully funded for all its other planned drilling operations.