Silence Therapeutics Gets $80 Million Investment From AstraZeneca; Shares Surge
March 25 2020 - 5:06AM
Dow Jones News
By Sabela Ojea
Shares in Silence Therapeutics PLC on Wednesday rose after it
agreed a $60 million cash payment and $20 million equity investment
from AstraZeneca.
The U.K. biotechnology company said its collaboration with
AstraZeneca will focus on small interfering RNA therapeutics for
the treatment of cardiovascular, renal, metabolic and respiratory
diseases. The companies anticipate beginning work on five targets
within the first three years of the collaboration, with AstraZeneca
having the option to extend the agreeemnt to a further five
targets.
AstraZeneca will pay Silence an option fee of $10 million for
each selected target and thereafter for each target selected
Silence will be eligible for up to $140 million in development
milestones and $250 million in commercialization milestones, as
well as tiered royalties on net sales.
Silence Therapeutics said its SLN360 product for the potential
treatment of cardiovascular disease is now its priority "as a
result of the high and prevalent unmet medical need and the
excellent preclinical profile."
It also said that it plans to submit and investigation new drug
application with the U.S. Food and Drug Administration in 2020 and
start a first in man study to generate interim data around the
middle of 2021.
Shares at 0826 GMT were up 129 pence, or 32%, at 535.00
pence.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
March 25, 2020 04:51 ET (08:51 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
AstraZeneca (NYSE:AZN)
Historical Stock Chart
From Aug 2024 to Sep 2024
AstraZeneca (NYSE:AZN)
Historical Stock Chart
From Sep 2023 to Sep 2024