REG - Redx Pharma plc - Redx announces sale of KRAS inhibitor program

Redx PharmaAnnouncement

07/02/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240207:nRSG2511Ca&default-theme=true

RNS Number : 2511C  Redx Pharma plc  07 February 2024

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION IN RESPECT OF REDX PHARMA PLC
FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 AS IT FORMS PART OF
DOMESTIC LAW IN THE UNITED KINGDOM BY VIRTUE OF THE EUROPEAN
UNION (WITHDRAWAL) ACT 2018.

 

Jazz Pharmaceuticals Enters Definitive Agreement with Redx Pharma to Acquire
Global Rights to KRAS Inhibitor Program

 

Redx to receive $10 million upfront; potential for up to $870 million in
development, regulatory and sales milestone payments in addition to royalties
on future net sales

 

Preclinical program expands Jazz's pipeline of targeted oncology therapies

 

 

Dublin and Alderley Park, UK, 7 February 2024 - Jazz Pharmaceuticals plc
(Nasdaq: JAZZ) and Redx Pharma plc (AIM: REDX) today announced that the
companies have signed a definitive agreement under which Jazz will acquire
Redx's KRAS (Kirsten rat sarcoma virus) inhibitor program. Jazz and Redx will
collaborate to advance candidates through IND-enabling studies; Jazz will be
responsible for all clinical development, regulatory, manufacturing and
commercialization activities.

 

"KRAS is a well-validated oncology target and there remains a high unmet need
for innovation in this area based on challenges in developing molecules to
target specific KRAS mutations. Redx has discovered a number of preclinical
KRAS candidates and we plan to leverage our collective oncology development
expertise to identify and advance the most promising molecules toward the
clinic," said Robert Iannone, M.D., M.S.C.E., executive vice president, global
head of research and development of Jazz Pharmaceuticals. "This transaction
further expands our early-stage oncology pipeline, and we are excited to
explore novel approaches to improving treatment options for cancer patients."

 

Lisa Anson, Chief Executive Officer of Redx, commented: "Once again, our
distinguished expertise in medicinal chemistry has been recognized and we are
pleased to secure another strategic transaction with Jazz, with whom we have a
track record of collaboration. This agreement will allow us to collaborate on
the advancement of novel KRAS inhibitors and we look forward to supporting
Jazz in progressing these candidates through IND-enabling studies.
Partnerships remain a key pillar of our corporate strategy, allowing us to
advance what we believe are differentiated molecules in areas of high unmet
need, while also creating long-term shareholder value through non-dilutive
funding, with the upfront milestone payment from this agreement extending our
current cash runway into 2025."

 

Transaction Terms

Under the terms of the agreement, Jazz will make an upfront payment to Redx of
$10 million for all rights, patents, title and interest relating to Redx's
proprietary KRAS inhibitor program, which includes G12D selective and pan-KRAS
molecules. Redx is eligible to receive up to $870 million in development,
regulatory and commercial milestone payments from Jazz, with the next
milestone being an IND clearance from this program from the U.S. Food and Drug
Administration. Redx is also eligible for tiered, mid-single digit percentage
royalties based on any future net sales.

 

As part of a separate collaboration agreement, signed in parallel, Jazz will
pay Redx to perform research and preclinical development activities with the
goal of completing IND-enabling studies for both KRAS profiles.

 

About KRAS Inhibitors

Rat sarcoma virus (RAS) is the most frequently mutated oncogene across
different cancer types, with KRAS mutations accounting for approximately 85%
of these mutated oncogenes. Therefore, KRAS inhibitors targeting multiple
commonly occurring mutations may offer a treatment option for large segments
of colorectal, pancreatic and lung cancer patients who currently have limited
treatment options. Developing orally bioavailable agents that generate
optimized target coverage is a key opportunity for the next wave of
KRAS-targeting agents that act beyond the G12C mutation.

 

About Jazz Pharmaceuticals plc

Jazz Pharmaceuticals plc (NASDAQ: JAZZ) is a global biopharmaceutical company
whose purpose is to innovate to transform the lives of patients and their
families. We are dedicated to developing life-changing medicines for people
with serious diseases-often with limited or no therapeutic options. We have a
diverse portfolio of marketed medicines and novel product candidates, from
early- to late-stage development, in neuroscience and oncology. Within these
therapeutic areas, we are identifying new options for patients by actively
exploring small molecules and biologics, and through innovative delivery
technologies and cannabinoid science. Jazz is headquartered in Dublin, Ireland
and has employees around the globe, serving patients in nearly 75 countries.
Please visit www.jazzpharmacuticals.com (http://www.jazzpharmacuticals.com)
for more information.

 

About Redx Pharma Plc

Redx Pharma (AIM: REDX) is a clinical-stage biotechnology company focused on
the discovery and development of novel, small molecule, targeted therapeutics
for the treatment of fibrotic disease, cancer and the emerging area of
cancer-associated fibrosis. Redx aims to progress its programmes to clinical
proof of concept before evaluating options for further development and
potential value creation. The Company's lead fibrosis product candidate, the
selective ROCK2 inhibitor, zelasudil (RXC007), is in development for
interstitial lung disease and is undergoing a Phase 2a trial for idiopathic
pulmonary fibrosis (IPF) with topline data expected in H1 2024. The Company's
second fibrosis candidate, RXC008, a GI-targeted ROCK inhibitor for the
treatment of fibrostenotic Crohn's disease, is progressing towards the clinic
with a Clinical Trial Application (CTA) submitted during Q4 2023. Redx's lead
oncology product candidate, the Porcupine inhibitor RXC004, being developed as
a targeted treatment for Wnt-ligand dependent cancers, is expected to report
anti-PD-1 combination Phase 2 data during the first half of 2024, following
which Redx will seek a partner for ongoing development.

 

The Company has a strong track record of discovering new drug candidates
through its core strengths in medicinal chemistry and translational science,
enabling the Company to discover and develop differentiated therapeutics
against biologically or clinically validated targets. The Company's
accomplishments are evidenced not only by its wholly-owned clinical-stage
product candidates and discovery pipeline, but also by its strategic
transactions, which includes the sale of pirtobrutinib (RXC005, LOXO-305), the
only non-covalent or reversible BTK inhibitor now approved by the US FDA, and
transactions with both AstraZeneca and Jazz Pharmaceuticals.

 

To subscribe to Email Alerts from Redx, please
visit: www.redxpharma.com/investor-centre/email-alerts/
(http://www.redxpharma.com/investor-centre/email-alerts/) .

 

Jazz Investor Contact:

Andrea N. Flynn, Ph.D.

Vice President, Head, Investor Relations

Jazz Pharmaceuticals plc

InvestorInfo@jazzpharma.com

Ireland +353 1 634 3211

U.S. +1 650 496 2717

 

Jazz Media Contact:

Kristin Bhavnani

Head of Global Corporate Communications

Jazz Pharmaceuticals plc

CorporateAffairsMediaInfo@jazzpharma.com

Ireland +353 1 637 2141

U.S. +1 215 867 4948

 

Redx Contacts:

Caitlin Pearson

Head of Communications

Redx Pharma

UK +44 (0)1625 469 918

 

Matt Davis/ Adam Dawes

SPARK Advisory Partners (Nominated Adviser)

UK +44 (0)203 368 3550

 

Claes Spång/ Satheesh Nadarajah/ David Wilson

WG Partners LLP (Joint Broker)

UK +44 (0)203 705 9330

 

Rupert Dearden/Freddy Crossley/Emma Earl

Panmure Gordon (UK) Limited (Joint Broker)

UK +44 (0)207 886 2500

 

Simon Conway/Ciara Martin

FTI Consulting

UK +44 (0)203 727 1000

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDTFMBTMTJMTLI