AstraZeneca PLC (LSE:AZN) shares jumped this morning after it announced an exclusive US$760mln deal with Neurimmune to develop a drug to combat heart disease.
The collaboration and licensing agreement for NI006 will see AstraZeneca’s subsidiary Alexion develop, manufacture and commercialise NI006, currently in Phase Ib development for treatment of transthyretin amyloid cardiomyopathy (ATTR-CM).
ATTR-CM is an underdiagnosed, systemic condition that leads to progressive heart failure and high rate of fatality within four years from diagnosis.
The agreement involves an up-front payment of US$30mln to Neurimmune, with contingent payments of up to US$730mln upon achievement of certain milestones in development, regulatory and commercial.
Alexion will pay low-to-mid teen royalties on net sales of any approved medication from development.
AstraZeneca’s shares were up 2.72% to 9,3050p at 08:45 GMT this morning.