Australia's Dimerix jumps most in 1 year on drug development agreement for Japan

Dimerix

07/01/2025 24:20

** Shares of Dimerix  DXB.AX  rise as much as 31% to A$0.465, their biggest intraday pct
gain since mid-October 2023
    ** Biopharmaceutical firm enters exclusive agreement with Osaka-based FUSO Pharmaceutical
Industries  4538.T  to develop and commercialise kidney disease drug candidate DMX-200 in Japan
    ** ASX-listed firm says it will receive 300 million Yen ($1.90 million) within 40 days of
signing the deal, with a potential additional 400 million Yen ($2.54 million) expected upon the
start of the first clinical trial site, anticipated in Q1 2025
    ** Adds, the deal includes potential development and commercialisation milestones of up to
9.8 billion Yen ($62.17 million), in addition to royalties ranging from 15% to 20% on net sales
of the drug, if successfully commercialised
    ** Stock hits its highest level since Oct. 21, 2024
    ** Over 4.7 mln shares change hands, ~3.6x the 30-day avg
    ** Dimerix gained 65.9% last year vs its Japanese peer's gains of 34.4%


($1 = 157.7800 yen)

 (Reporting by Kumar Tanishk in Bengaluru)
 ((Tanishk.Kumar@thomsonreuters.com))