UK's C4X Discovery climbs to 6-month high on licencing deal with AstraZeneca

C4X Discovery Holdings

28/11/2022 08:45

** Shares of British drug discovery company C4X Discovery
 C4XD.L  jump as much as 47.6% to a six-month high of 31p 
    ** Co signs an exclusive licencing agreement with
AstraZeneca  AZN.L  for $402 mln
    ** Under agreement, AstraZeneca will develop and
commercialise an oral therapy for the treatment of inflammatory
and respiratory diseases using its NRF2 Activator programme
    ** C4XD on track to log its best day since March 2018, if
gains hold; top pct gainer across all London-listed shares 
    ** Under agreement, C4XD to get $16 mln ahead of the first
clinical trial and further potential $385.8 mln in clinical
development and commercial milestones
    ** AZN up less than half a percent in early trade 
    ** Including session's gains, C4XD stock down ~36% YTD 
 (Reporting by Prerna Bedi in Bengaluru)
 ((Prerna.Bedi@thomsonreuters.com;))