US Stock Market News | Conduit Soars 130% Pre-market After Reaching Drug Licensing Agreement with Astrazeneca
Biopharmaceutical company Conduit Pharmaceuticals announced on Thursday that it has reached a licensing agreement with Astrazeneca for three experimental therapies. As of the time of publication, Conduit's pre-market trading surged by 130.79%, reaching $0.38. According to the terms of the agreement, Astrazeneca will grant exclusive licenses to Conduit for three Phase 2 candidate products, namely AZD1656, AZD5658, and AZD5904. As part of the agreement, the pharmaceutical giant will receive Conduit's common stock, as well as re-licensing revenue including upfront payments, milestones, and royalties. The licenses for AZD1656 and AZD5658 cover all human indications, while the license for AZD5904 includes idiopathic male infertility. Conduit plans to conduct Phase 2 trials for AZD1656 and AZD5658 this year, focusing on autoimmune diseases
According to the Zhītōng Finance and Economics APP, biopharmaceutical company Conduit Pharmaceuticals (CDT.US) announced on Thursday that it has reached a licensing agreement with AstraZeneca (AZN.US) for three experimental therapies. As of the time of publication, Conduit's pre-market trading surged by 130.79% to $0.38.
Under the terms of the agreement, AstraZeneca will grant exclusive licenses to three Phase 2 candidate products to Conduit, headquartered in San Diego, California, namely AZD1656, AZD5658, and AZD5904.
As part of the agreement, the pharmaceutical giant will receive Conduit's common stock, as well as re-licensing revenue including upfront payments, milestones, and royalties.
The licenses for AZD1656 and AZD5658 are for all human indications, while the license for AZD5904 covers idiopathic male infertility. Conduit plans to conduct Phase 2 trials for AZD1656 and AZD5658 this year, focusing on autoimmune diseases