Drug developer C4X Discovery Holdings PLC (AIM:C4XD) has hit the first milestone in a licensing deal with Sanofi after progressing pre-clinical trials for an immunotherapy drug.
The company is developing an oral interleukin 17A inhibitor that could be used to treat autoimmune diseases.
C4XD said “pre-clinical progression” of the drug development programme triggered a €3mln payment from Sanofi under a €414mln licensing deal that was agreed in April 2021.
Chief executive Clive Dix said: "This first milestone payment is an important step in demonstrating the value of C4XD's expertise and our unique approach to drug discovery to deliver differentiated small molecules to the pharmaceutical industry."