Conduit (CDT.US) soared 130% premarket after signing a drug licensing agreement with AstraZeneca (AZN.US)
1min read Biopharmaceutical company Conduit Pharmaceuticals(CDT.US) announced on Thursday that it had entered into a licensing agreement with AstraZeneca(AZN.US) for three experimental treatments. At the time of writing, Conduit was trading up 130.79% pre-market, at $0.38.
Under the terms of the agreement, AstraZeneca will grant Conduit exclusive license rights to three 2nd phase candidate products, AZD1656, AZD5658 and AZD5904, all of which are based out of Conduit's headquarters in San Diego, California.
As part of the agreement, the drug giant will receive Conduit's common stock, as well as future milestone and royalty payments, including upfront payments and royalties on any future licensing.
AZD1656 and AZD5658 are licensed for all human indications, while AZD5904 is licensed for the indication of male infertility. Conduit plans to initiate 2nd phase trials of AZD1656 and AZD5658 this year, with a focus on autoimmune diseases.
