icon
icon
icon
icon
Upgrade
upgrade

Conduit (CDT.US) soared 130% premarket after signing a drug licensing agreement with AstraZeneca (AZN.US)

AInvestThursday, Aug 8, 2024 9:00 am ET
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.

Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.