By Sabela Ojea

Redx Pharma PLC said Thursday it will receive a milestone payment of $9 million from AstraZeneca PLC as it initiates the first phase clinical trial of AZD5055, a porcupine inhibitor targeting fibrotic diseases.

The clinical-stage biotechnology company said the $9 million payment has been triggered under the terms of the out-licensing agreement announced in August 2020, and completes the potential total of $17 million of early payments between the deal signature and successful commencement of the first clinical trial.

"Under this agreement, in addition to the $17 million in early payments, Redx may receive up to a further $360 million in aggregate development and commercial milestone payments," it said, noting that it is also eligible to receive tiered royalties of mid-single-digit percentages, based on any future net sales.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

December 23, 2021 03:16 ET (08:16 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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