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Codexis, Inc. (NASDAQ:CDXS) entered a purchase deal with Nestlé S.A.(OTC:NSRGY) Nestlé Health Science for CDX-7108, a potential treatment for exocrine pancreatic insufficiency (EPI).
Under the terms of the agreement, Codexis will receive up to $45 million in potential milestone payments, including a $5 million upfront payment, as well as single-digit net-sales-based royalties.
Codexis will receive up to an additional $5 million if Nestlé Health Science exercises an option to purchase two additional early-stage enzymes being developed for EPI.
CDX-7108 is a lipase variant specifically engineered to overcome the limitations of traditional pancreatic enzyme replacement therapy (PERT) deficiencies. PERT is the main treatment for EPI, a debilitating condition of the gastrointestinal tract that is caused by conditions that impair pancreatic function.
Stephen Dilly, CEO of Codexis, said, "Preliminary data from the CDX-7108 Phase I study announced earlier this year support continued investigation into Phase II clinical studies. We believe that CDX-7108 could represent a meaningful advance in the standard of care for patients, and we are pleased to retain an economic interest in the program as Nestlé continues development."
Nestlé Health Science will be exclusively responsible for further advancing and marketing CDX-7108, covering all related expenses.
Price Action: CDXS shares are trading higher by 4.52% at $3.47 on the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was Reviewed And Published By Benzinga Editors.
