Mission divests kidney asset to Dimerix in deal worth up to $292 million
UK biotech company Mission Therapeutics has agreed to hand its acute kidney injury candidate MTX652 to Australian renal specialist Dimerix (ASX: DXB) in a deal that could bring the Cambridge-based firm up to $292 million, freeing it to concentrate on a central nervous system pipeline led by a Parkinson's disease drug.
MTX652 is a selective USP30 inhibitor that Mission had taken through Phase I and prepared for Phase II. Under the agreement, Mission stands to collect up to $292 million across upfront, development and commercial milestone payments, plus up to double-digit tiered royalties on global net sales.
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