Horizon Enters Option Agreement With Q32 Bio To Advance ADX-914 For Autoimmune Diseases

Q32 Bio and Horizon Therapeutics plc (HZNP) have entered into a collaboration and option agreement to develop ADX-914 for the treatment of autoimmune diseases. Q32 Bio is a clinical stage biotechnology company developing biologic therapeutics. Q32 Bio's most advanced program, ADX-914, is a fully human anti-IL-7Ra antibody that re-regulates adaptive immune function and is being initially developed to treat an immune-mediated dermatological disease.

Horizon will fund development through completion of the two phase 2 trials of ADX-914, with Q32 being operationally responsible for the conduct of all program-related activities. Horizon will receive an option to acquire the ADX-914 program, exercisable through a period following completion of the phase 2 trials. During the option period, Q32 will receive $55 million in the form of initial consideration and staged development funding, of which Horizon expects to recognize as R&D expenses approximately $32.5 million in the third quarter of 2022, and the remainder in 2023.

Q32 expects to initiate a phase 2 trial in atopic dermatitis later in the current year and is planning to initiate a phase 2 trial in a second autoimmune disease next year.

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