Arix Bioscience PLC (LON:ARIX) said portfolio company LogicBio Therapeutics, Inc. (NASDAQ:LOGC) has signed a strategic collaboration with CANbridge Pharmaceuticals as well as a research partnership with Daiichi Sankyo.
Under the terms of the agreement with CANbridge Pharmaceuticals, LogicBio is eligible to receive an upfront payment of US$10mln in addition to up to US$581mln in option payments and milestones, plus up to double-digit royalties.
The research agreement with Daiichi Sankyo is for two undisclosed indications based on GeneRide, LogicBio's gene insertion platform.
The agreement also grants Daiichi Sankyo an option to negotiate and acquire worldwide licenses for LogicBio's development programs in these two indications. The financial terms of the collaboration were not disclosed.
Elsewhere, LogicBio said it now expects to enrol its first patient in the Phase I/II SUNRISE trial by mid-year 2021.
The trial is for LB-001, an investigational treatment for methylmalonic acidemia (MMA), based on LogicBio’s GeneRide technology.
The first two patients who entered pre-dosing screening activities did not meet all of the enrolment criteria for the SUNRISE trial, LogicBio said.
SUNRISE is initially enrolling paediatric patients aged from 3 -12 years old, added the statement.
Shares in LogicBio rose 1% to US$6.06, while London-listed Arix added 0.5% to 190p.