{"id":2064317,"date":"2020-08-04T09:04:36","date_gmt":"2020-08-04T08:04:36","guid":{"rendered":"https:\/\/www.thebusinessdesk.com\/northwest\/?p=2064317"},"modified":"2020-08-04T09:08:56","modified_gmt":"2020-08-04T08:08:56","slug":"biotech-companys-share-price-trebles-after-major-deal-with-pharma-giant","status":"publish","type":"post","link":"https:\/\/www.thebusinessdesk.com\/northwest\/news\/2064317-biotech-companys-share-price-trebles-after-major-deal-with-pharma-giant","title":{"rendered":"Biotech company’s share price trebles after major deal with pharma giant"},"content":{"rendered":"

The value of Cheshire drug company Redx Pharma trebled in early trading after it revealed a deal with AstraZeneca which could be worth nearly \u00a3300m plus royalty payments.<\/p>\n

Its share price was trading more than 10 times higher than at the start of the year, when it was priced at just 8p.<\/p>\n

But the AIM-listed company’s value has spiked this morning, reaching 90p – a 260% increase inside the first hour. The rise saw Redx’s market value jump by \u00a3120m to \u00a3175m.<\/p>\n

Investors’ excitement followed news of a deal with AstraZeneca that will see the pharmaceutical giant further develop and commercialise a discovery that could aid sufferers of fibrotic diseases<\/a>.<\/p>\n

It is worth $17m (\u00a313m) in early milestone payments and Redx Pharma could receive a further $360m (\u00a3280m) in milestone payments from the global licensing deal.<\/p>\n

It would also be eligible for tiered royalties of “mid-single digit percentages” for any future net sales.<\/p>\n

Redx Pharma’s chief executive Lisa Anson said the agreement highlighted the company’s “ability to generate molecules that have significant potential as novel medicines”.<\/p>\n

She added: “We are excited by the potential of porcupine inhibition as a novel approach to tackling fibrotic-associated diseases where there is a real patient need.”<\/p>\n

Fibrosis is an internal scarring process that impairs the function of an organ or tissue. It contributes to 45% of deaths in the developed world. <\/p>\n

Redx’s research aims to stop and reverse the formation of fibrotic tissue.<\/p>\n

It has four main areas of focus, including idiopathic pulmonary fibrosis (IPF). The AstraZeneca deal is to license the porcupine inhibitor for IPF.<\/p>\n

Porcupine is a novel drug target that addresses IPF, a debilitating disease of the lungs which progressively causes scarring and a reduction in lung function. Sufferers have a life expectancy of 3-5 years.<\/p>\n

Mene Pangalos, executive vice president, biopharmaceuticals R&D at AstraZeneca, added: “Fibrotic diseases such as idiopathic pulmonary fibrosis have significant impact on patients’ lives and new therapies are urgently needed. We look forward to progressing this porcupine inhibitor into clinical trials.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Value jumps \u00a3120m in first hour as investors pile in<\/p>\n","protected":false},"author":18,"featured_media":2064316,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[50204],"coauthors":[81],"class_list":["post-2064317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-top-story"],"yoast_head":"\nRedx Pharma's share price trebles after major deal with pharmaceutical giant AstraZeneca | TheBusinessDesk.com<\/title>\n<meta name=\"description\" content=\"AIM-listed biotech company's value jumps \u00a3120m in first hour as investors pile in after news of deal that could be worth \u00a3300m in milestone payments\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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