3rd Sep 2014 10:24
LONDON (Alliance News) - AstraZeneca PLC said Wednesday that it has entered into a research collaboration with Liverpool biotechnology firm Redx Pharma Ltd to develop new molecules to target a genetic driver of tumour growth and survival.
Redx Pharma scientists will work with AstraZeneca's Oncology Innovative Medicines group at its Alderley Park site in Cheshire as well as at Redx's Liverpool facility, and use its early stage drug discovery capabilities to identify novel leads which AstraZeneca will then support the development of.
Under the deal, Redx Pharma will receive an undisclosed upfront payment. It will also potentially be eligible for development and commercial milestones, as well as tiered royalties. AstraZeneca will have the sole rights to further develop and commercialise any programme resulting form the collaboration.
Redx Pharma is a tenant at AstraZeneca's BioHub at the Alderley Park site, which it set up in 2013.
"This collaboration demonstrates the value of the BioHub and the open, collaborative environment that has been created at Alderley Park," said Susan Galbraith, head of AstraZeneca's Oncology Innovative Medicines Unit.
"It also illustrates AstraZeneca?s continued commitment to supporting science in the UK, building on our many existing collaborations with organisations across academia and industry," Galbraith added.
Shares in AstraZeneca were trading up 0.6% at 4,566.00 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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