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
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
