C4X Discovery Shares Rise on AstraZeneca Milestone Payment
January 03 2024 - 4:25AM
Dow Jones News
By Ian Walker
C4X Discovery Holdings shares rose as much as 66% in early trade
after the company said it has received a $11 million milestone
payment from AstraZeneca.
Shares at 0846 GMT were up 3.76 pence, or 43%, at 12.50 pence
having peaked at 14.50 pence earlier in the session. However, they
are currently down 31% over the past 12 months.
The drug-discovery company said Wednesday that the payment was
made under the licensing agreement with Astra under its
inflammatory and respiratory disease NRF2 Activator program that
was agreed in November 2022.
Under the program C4X could receive up to $400 million in
milestone payments and future sales royalties.
"This significant preclinical milestone payment marks the
progress AstraZeneca has made in driving the NRF2 Activator program
forward... This is a great start to our year and we are confident
of seeing further progress across our entire portfolio in 2024,"
C4X Chief Executive Clive Dix said.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
January 03, 2024 04:10 ET (09:10 GMT)
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