Australia's Dimerix climbs on license deal to commercialize drug in Middle East

Dimerix

27/05/2024 02:11

** Shares of biopharma co Dimerix  DXB.AX  rise as much as
13.2% to A$0.385, their highest since Aug. 16, 2021
    ** Co enters exclusive license agreement with Taiba Middle
East FZ LLC to commercialize co's Phase-3 drug candidate DMX-200
    ** Under deal, Taiba will acquire rights to commercialize
DMX-200 in the United Arab Emirates, Saudi Arabia, Oman, Kuwait,
Qatar, Bahrain and Iraq
    ** Co to receive up to A$120.5 mln ($79.89 mln) from Taiba
in upfront and milestone payments, along with royalties
    ** DMX-200 is being developed for treatment of focal
segmental glomerulosclerosis (FSGS) - a rare disease that
attacks the kidney's filtering units
    ** As of last close, stock up 65.9% this year


($1 = 1.5083 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))