Jazz Pharmaceuticals plc (JAZZ) Wednesday said it has signed a definitive agreement to acquire Redx Pharma plc's (REDX.L) proprietary KRAS (Kirsten rat sarcoma virus) inhibitor program.
Redx Pharma shares were gaining more than 15 percent in the early morning trading in London, at 23.07 pence.
Under the deal terms, Jazz will make an upfront payment to Redx of $10 million for all rights, patents, title and interest relating to KRAS inhibitor program, which includes G12D selective and pan-KRAS molecules.
Redx is eligible to receive up to $870 million in development, regulatory and commercial milestone payments from Jazz. The next milestone would be an IND clearance from this program from the U.S. Food and Drug Administration. Redx is also eligible for tiered, mid-single digit percentage royalties based on any future net sales.
In the deal, Jazz and Redx will collaborate to advance candidates through IND-enabling studies. Jazz will be responsible for all clinical development, regulatory, manufacturing and commercialization activities.
As part of a separate collaboration agreement, Jazz will pay Redx to perform research and preclinical development activities with the goal of completing IND-enabling studies for both KRAS profiles.
Rat sarcoma virus or RAS is the most frequently mutated oncogene across different cancer types, with KRAS mutations accounting for approximately 85% of these mutated oncogenes.
The company noted that KRAS inhibitors targeting multiple commonly occurring mutations may offer a treatment option for large segments of colorectal, pancreatic and lung cancer patients who currently have limited treatment options.
Robert Iannone, executive vice president, global head of research and development of Jazz, said, "KRAS is a well-validated oncology target and there remains a high unmet need for innovation in this area based on challenges in developing molecules to target specific KRAS mutations. Redx has discovered a number of preclinical KRAS candidates and we plan to leverage our collective oncology development expertise to identify and advance the most promising molecules toward the clinic. This transaction further expands our early-stage oncology pipeline, and we are excited to explore novel approaches to improving treatment options for cancer patients."
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