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Research Collaboration on Two Targeted Oncology Programs in the Ras/Raf/MAP Kinase Pathway
Redx to Receive $10 Million Upfront and $10 Million in Year 2 with up to $400 Million in Further Milestone Payments Plus Tiered Royalties on any Future Net Product Sales
DUBLIN, Sept. 9, 2020 /PRNewswire/ -- Jazz Pharmaceuticals plc (Nasdaq: JAZZ) today announced that the company has signed a new research collaboration agreement with Redx Pharma plc (AIM: REDX) to discover and develop drug candidates for two cancer targets in the Ras/Raf/MAP kinase (MAPK) pathway. This research collaboration follows the previously announced sale of Redx's pre-clinical pan-RAF inhibitor program to Jazz for the potential treatment of Raf and Ras mutant tumors in July 2019.
Under the terms of the research collaboration agreement, Jazz will make an upfront payment to Redx of $10 million followed by another $10 million in year two, provided research work is continuing. Following delivery of an IND-ready molecule, Redx will be eligible to receive up to a further $200 million from Jazz in development, regulatory and commercial milestone payments for each program. The first milestone is payable upon successful investigational new drug (IND) application submission. In addition, Redx is eligible to receive tiered royalties in mid-single digit percentages of any future net sales. Following a successful submission of an IND application, Jazz will be responsible for further development, manufacturing, regulatory activities and commercialization.
"We are excited to collaborate with Redx on two oncology programs in the Ras/Raf/MAP kinase pathway. Redx has established itself as a strong partner for Jazz, given the continued momentum in our existing collaboration on Pan-RAF, and we look forward to this new collaboration and access to Redx's small molecule discovery capabilities," said Robert Iannone, M.D., M.S.C.E., executive vice president, research and development of Jazz Pharmaceuticals. "We are strategically targeting this cancer pathway with multiple experimental approaches while further strengthening our targeted oncology pipeline. These programs in the Ras/Raf/MAP kinase pathway are highly complementary to our growing R&D portfolio of innovative and targeted oncology therapies."
About Jazz Pharmaceuticals plc
Jazz Pharmaceuticals plc (Nasdaq: JAZZ) is a global biopharmaceutical company dedicated to developing and commercializing life-changing medicines that transform the lives of patients with serious diseases - often with limited or no options. We have a diverse portfolio of marketed medicines and novel product candidates, from early- to late-stage development, in key therapeutic areas. Our focus is in neuroscience, including sleep and movement disorders, and in oncology, including hematologic and solid tumors. We actively explore new options for patients including novel compounds, small molecule advancements, biologics and innovative delivery technologies. Jazz is headquartered in Dublin, Ireland and has employees around the globe, serving patients in more than 90 countries. For more information, please visit www.jazzpharmaceuticals.com and follow @JazzPharma on Twitter.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements, including, but not limited to, statements related to the potential successful submission of an investigational new drug application and future development, manufacturing, regulatory and commercialization activities; potential future payments by Jazz Pharmaceuticals to Redx for development, regulatory and commercial milestones as well as tiered royalties based on future net sales; and other statements that are not historical facts. These forward-looking statements are based on Jazz Pharmaceuticals' current plans, objectives, estimates, expectations and intentions and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks and uncertainties associated with: Jazz Pharmaceuticals' ability to achieve the expected benefits (commercial or otherwise) from the research collaboration agreement; pharmaceutical product development and clinical success thereof; the regulatory approval process; effectively commercializing any product candidates; and other risks and uncertainties affecting Jazz Pharmaceuticals, including those described from time to time under the caption "Risk Factors" and elsewhere in Jazz Pharmaceuticals plc's Securities and Exchange Commission filings and reports (Commission File No. 001-33500), including Jazz Pharmaceuticals' Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 and future filings and reports by Jazz Pharmaceuticals. Other risks and uncertainties of which Jazz Pharmaceuticals is not currently aware may also affect Jazz Pharmaceuticals' forward-looking statements and may cause actual results and the timing of events to differ materially from those anticipated. The forward-looking statements herein are made only as of the date hereof or as of the dates indicated in the forward-looking statements, even if they are subsequently made available by Jazz Pharmaceuticals on its website or otherwise. Jazz Pharmaceuticals undertakes no obligation to update or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made.
Jazz Pharmaceuticals Contacts:
Vice President, Investor Relations
Ireland, +353 1 634 7887
U.S., +1 650 496 2717
Vice President, Corporate Affairs & Government Relations
Ireland, +353 1 697 2141
U.S., +1 215 867 4910
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SOURCE Jazz Pharmaceuticals plc