Cancer study progress earns pharmaceutical group $10m partnership payment
Biotech company Redx has earned a $10m (£7.6m) milestone payment from global drugmaker Jazz Pharmaceuticals as part of a partnership agreement between the two firms.
Redx’s collaboration with Jazz could be worth another £150m in development, regulatory and commercial milestone payments for each programme.
Today’s milestone payment is in addition to a previous $10m and has been triggered by the cancer study entering a second year.
Redx is responsible for research and preclinical development activities, up to Investigational New Drug (IND) submission, as it works to discover and develop drug candidates for two cancer targets.
Lisa Anson, chief executive of Redx, said: “We are extremely pleased to extend our productive oncology research collaboration with Jazz into its second year.
“This is based on advancing our programmes in this key signalling pathway and reflects Redx’s core strength in discovering highly targeted potential drug candidates.”