Redx Pharma PLC (LON:REDX) said it received a US$3mln milestone payment from US-listed partner Jazz Pharmaceuticals (NASDAQ:JAZZ).
It follows the initiation of investigational new drug-enabling studies of Redx-discovered JZP815, a potential next-generation cancer treatment.
Under the deal with Jazz, Redx can receive up to US$203mln in development, regulatory and commercial milestone payments.
It is also eligible for royalties based on any future net sales.
The payment under the agreement is due once the US regulator has accepted Jazz’s investigational new drug application (IND).