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Redx Pharma said it had agreed to sell a programme for the treatment of certain tumours to Jazz Pharmaceuticals for $3.5m upfront plus milestone payments and royalties.
Jazz had acquired Redx's pan-RAF inhibitor programme for the potential treatment of RAF and RAS mutant tumours.
Jazz would be responsible for all future development, regulatory, manufacturing and commercialisation activities.
It would pay Redx an upfront payment of $3.5m in cash for all rights, title and interest relating to Redx's proprietary pan-RAF inhibitor programme, including all related patents.
Redx was also eligible to receive up to $203m in development, regulatory and commercial milestone payments from Jazz.
The next milestones would come via the initiation of IND enabling studies, followed by a further milestone at IND submission to the FDA.
Redx would also be also eligible for incremental tiered royalties in mid-single digit percentage, based on any future net sales.