Conduit Pharmaceuticals’ will acquire three first-in-class assets from AstraZeneca under an exclusive licensing agreement between the two companies.
Conduit’s stock price shot up by 123% following the 8 August announcement. The California, US-based company has acquired two HK-4 glucokinase activators—AZD1656 and AZD5658, and AZD5904, a myeloperoxidase inhibitor (MPO).
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AstraZeneca had already progressed AZD1656 and AZD5904 through Phase I clinical trials for metabolic disorders including type 2 diabetes. Conduit plans to advance the two candidates into Phase II trials later in 2024, specifically focusing on autoimmune disorders. The company has also secured exclusive rights to develop AZD5904 for idiopathic male infertility.
Under the terms of the agreement, Conduit will issue shares of common stock to AstraZeneca and pay a share of future sublicence revenues while AstraZeneca will provide preclinical and clinical data and drug supplies.
Founded in 2019, Conduit focuses on acquiring assets that have completed preclinical and clinical testing. The company progresses these candidates through Phase II trials and seeks to achieve exits through third-party licences, if successful.
In March, Conduit opened a new laboratory space in Cambridge, England. According to the company, the space will be used to progress and expand upon its existing asset portfolio while also facilitating new intellectual property.
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By GlobalDataIn the announcement accompanying the acquisition, Conduit’s CEO David Tapolczay: “We are delighted to have entered into an agreement with AstraZeneca to secure the rights to develop AZD1656, AZD5658, and AZD5904. The potential of these assets to become important first-in-class medicines for patients is promising.
“Given the data from AstraZeneca’s clinical trials, we believe there is a strong rationale to initiate Phase II studies in multiple indications to progress to commercialisation of these assets.”
In February 2024, AstraZeneca concluded its acquisition of China-based clinical-stage biopharmaceutical company Gracell Biotechnologies for a $1.2bn price tag. The acquisition was a strategic move to bolster its pipeline with cell therapies for cancer and autoimmune diseases.
