, 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 UK intellectual property investment group believes this particular partnership will flourish, in part, thanks to UTEQ’s prime location in the “high-tech zone” of Queretaro, cultivating the region’s technology and innovation scene.
SP Angel research note on commodities and miners, featuring: Condor Gold (CNR LN) – Progress report on permitting IronRidge Resources* (IRR LN) – Zaranou license high-grade gold Petropavlovsk (POG LN) – H1 2019 production results Shanta Gold (SHG LN) – Ilunga underground mine achieved commercial production
BP is to expand its Brazilian biofuels business by combining it with a larger rival in a move that it said would help the transition to lower-carbon energy, British Airways is launching legal action to block its pilots from staging a potentially disruptive walkout this summer
“Energy Superhub Oxford” project, or “ESO”, which is valued at an overall £41 million, involves the installation of the world’s first transmission-connected lithium ion and redox-flow hybrid battery.
SP Angel research note on commodities and miners, featuring: Galantas Gold (GAL LN) – Kearney Vein intersected on 1060 level of the Omagh mine Petra Diamonds (PDL LN) – Meets production guidance for year to 30th June Serabi Gold (SRB LN) – Production guidance maintained following Q2 results Tri-Star Resources* (TSTR LN) – SPMP report first antimony metal production