Dimerix Acquires Therapeutic Asset from UK-Based Firm; Shares Up 8%

MT Newswires Live07-17 09:45

Dimerix (ASX:DXB) acquired therapeutic asset DMX-652 for all indications from UK-based Mission Therapeutics for an upfront payment of $5 million, expanding the company's pipeline in rare kidney disease, according to a Friday filing with the Australian bourse.

The company will also pay up to $47 million in deferred acquisition fee payable upon success of pre-defined clinical development milestones, $40 million on product marketing approval, $25 million on approval in a second indication, and up to $175 million on specific sales milestones, the filing said.

The acquisition includes assignment of the composition-of-matter patent, an open Investigational New Drug application in the US with a phase two clinical trial protocol, a pharmaceutical-grade drug product for the trial, and all manufacturing methodology, per the filing.

Dimerix shares rose 8% in morning trade on Friday.

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