UK's Redx Rises On Stock Sale
Cancer And Fibrosis Trials Advancing
A few months after bringing AstraZeneca onboard as a partner, the turnaround at the Alderley Park-based firm is moving ahead, buoyed by a fresh financing.
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AstraZeneca will take Redx's RXC006 into clinical development, targeting fibrotic diseases, giving valuable credibility to the biotech’s Wnt pathway hypothesis.
Shares in the UK biotech tripled to a 52-week high after it announced the sale of its pan-RAF inhibitor program to Jazz that could eventually be worth around $200m.
After a tough summer, the UK firm has exited insolvency with new management and programs in cancer and fibrosis, having decided to shut down its anti-infectives business.