By Adria Calatayud
Shares in C4X Discovery Holdings PLC rose Monday after the company said it has signed a licensing agreement with French pharmaceutical major Sanofi SA to develop a preclinical program as an oral therapy for inflammatory diseases.
C4XD, a London-listed drug-discovery company, said it will receive an upfront payment of 7 million euros ($8.3 million) in addition to potential preclinical milestones of EUR11 million, and clinical and commercial milestones plus royalties. The licensing agreement could be worth up to EUR414 million, the company said.
The agreement is for C4XD's oral IL-17A inhibitor program, the company said. Sanofi will continue to work with the C4XD team as the program advances toward clinical studies, C4XD said.
This is C4XD's second major licensing deal with a global pharmaceutical company, it said.
Shares in C4XD at 0700 GMT were up 28% at 51 pence.
Write to Adria Calatayud at firstname.lastname@example.org
(END) Dow Jones Newswires