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, United Kingdom, Feb. 7, 2024
/PRNewswire/ -- 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.jazzpharmaceuticals.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/.
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
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SOURCE Jazz Pharmaceuticals plc
