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AstraZeneca has entered into a deal worth up to $1.77 billion with CSPC Pharmaceutical Group to discover and develop experimental medicines with the potential to treat kidney diseases, the Chinese drugmaker said on Thursday.
AstraZeneca PLC's (LSE:AZN, NASDAQ:AZN) licensing deal on Friday signals a plausible effort by the FTSE 100 group to grab a piece of a booming market for obesity treatments, analysts said, with still plenty to go far despite the market currently being dominated by rivals Novo Nordisk and Eli Lilly. The pharmaceutical group agreed to pay China's CSPC Pharmaceuticals $1.2 billion upfront, with a further $3.5 billion in milestone payments, for rights to eight early-stage weight management and diabetes programmes, including a clinical-ready injectable drug expected to begin trials soon.
CSPC Pharmaceutical Group Limited (OTCMKTS:CSPCY - Get Free Report)'s share price traded down 0.5% during trading on Thursday. The company traded as low as C$3.88 and last traded at C$3.91. 35,649 shares were traded during mid-day trading, an increase of 58% from the average session volume of 22,493 shares. The stock had previously closed
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