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Redx Pharma PLC on Wednesday said it has struck a deal to sell Kirsten rat sarcoma virus inhibitor program to Dublin-based Jazz Pharmaceuticals PLC.
Redx Pharma shares soared 44% to 28.70 pence each in London on Wednesday morning.
The Macclesfield, England-based clinical-stage biotechnology company said it will receive $10 million upfront, with a potential for up to $870 million in development, regulatory and sales milestone payments in addition to royalties on future net sales.
Jazz Pharmaceuticals and Redx will collaborate to advance candidates through IND-enabling studies; Jazz Pharmaceuticals will be responsible for all clinical development, regulatory, manufacturing and commercialisation activities.
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