C4X Discovery gets $11 million milestone from AstraZeneca
Early-stage UK-based biotech 4X Discovery Holdings (AIM: C4XD) has received a milestone payment of $11 million from AstraZeneca (LSE: AZN), triggered by pre-clinical progress of C4XD's NRF2 Activator program, with the news sending C4X’ shares rocketing more than 42% to 12.45 pence this morning.
Under the terms of the November 2022 licensing agreement, C4XD received an initial $2 million upfront payment and is potentially entitled to receive up to $400 million in pre-clinical, clinical development and commercial milestones, and to tiered mid-single digit royalties on future sales.
AstraZeneca is developing C4XD's former NRF2 activator program to deliver an oral therapy for the treatment of inflammatory and respiratory diseases, with a lead focus on chronic respiratory disease.
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