AstraZeneca throws Redx a lifeline — in exchange for a preclinical fibrosis drug — with a promise of $17M in quick cash plus milestones
It’s not often that a deal with $17 million in near-term cash inspires a stock market rally. But for troubled UK biotech Redx, that kind of pact represents a new lease on life.
In and out of hot water with its creditors, Redx has now out-licensed a preclinical porcupine inhibitor, RXC006, to Mene Pangalos at AstraZeneca. And the deal sparked a big rally for small-cap Redx, with its shares $REDX rocketing up 238%.
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