By Ian Walker

C4X Discovery Holdings shares rose as much as 66% in early trade after the company said it has received a $11 million milestone payment from AstraZeneca.

Shares at 0846 GMT were up 3.76 pence, or 43%, at 12.50 pence having peaked at 14.50 pence earlier in the session. However, they are currently down 31% over the past 12 months.

The drug-discovery company said Wednesday that the payment was made under the licensing agreement with Astra under its inflammatory and respiratory disease NRF2 Activator program that was agreed in November 2022.

Under the program C4X could receive up to $400 million in milestone payments and future sales royalties.

"This significant preclinical milestone payment marks the progress AstraZeneca has made in driving the NRF2 Activator program forward... This is a great start to our year and we are confident of seeing further progress across our entire portfolio in 2024," C4X Chief Executive Clive Dix said.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

January 03, 2024 04:10 ET (09:10 GMT)

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