C4X Discovery bags global licence deal worth up to $402 million

Shares of early-stage UK-based biotech C4X Discovery Holdings (AIM: C4XD) leapt almost 30% to 26.60 pence by mid-morning, after it announced an important new collaboration.

C4XD has signed an exclusive worldwide licensing agreement with UK pharma major AstraZeneca (LSE: AZN) worth up to $402 million, for its NRF2 Activator program. AstraZeneca will develop and commercialize an oral therapy for the treatment of inflammatory and respiratory diseases with a lead focus on chronic obstructive pulmonary disease (COPD).

This is C4XD’s third out-licensing agreement with a leading pharma company in under five years, bringing the total deal value to around $1.2 billion.