By Shares of C4X Discovery Holdings experienced a significant boost, increasing by as much as 66% in early trade, following an announcement that the company has recently received an $11 million milestone payment from AstraZeneca.
At 08:46 GMT, C4X shares were up 43%, or 3.76 pence, reaching 12.50 pence. The shares had briefly peaked at 14.50 pence earlier in the trading session. However, it’s worth noting that they have faced a decline of 31% over the past 12 months.
The drug-discovery company revealed on Wednesday that this payment was made as part of the licensing agreement with AstraZeneca under their NRF2 Activator program, focused on inflammatory and respiratory diseases. The deal was initially established in November 2022.
Notably, C4X has the potential to receive up to $400 million in milestone payments and future sales royalties through this program.
“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,” stated C4X Chief Executive Clive Dix.
About C4X Discovery Holdings
C4X Discovery Holdings is a company dedicated to drug discovery. Their notable achievement includes receiving a remarkable $11 million milestone payment from AstraZeneca.
Share Performance
C4X shares saw a remarkable surge of 66% in early trade following the announcement, reaching as high as 14.50 pence during the trading session. Although the shares have experienced a decline of 31% over the past year, this milestone payment has undoubtedly made a positive impact on their share performance.
Licensing Agreement with AstraZeneca
C4X has a licensing agreement with AstraZeneca for the NRF2 Activator program, targeting inflammatory and respiratory diseases. As per the agreement, C4X has the potential to earn up to $400 million in milestone payments and future sales royalties.
Encouraging Outlook
Clive Dix, the Chief Executive of C4X, expressed his confidence in the progress of their entire portfolio for the year 2024. This milestone payment has marked a significant step forward for AstraZeneca’s NRF2 Activator program.
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