Conduit Pharmaceuticals Shares Soar In Pre-market, Why?

(RTTNews) - Conduit Pharmaceuticals (CDT) has entered into an agreement with AstraZeneca to exclusively license rights to develop AZD1656 and AZD5658, both HK-4 glucokinase activators, and AZD5904, a myeloperoxidase inhibitor. AstraZeneca will grant Conduit an exclusive license to both AZD1656 and AZD5658 for all human indications, as well as an exclusive license to AZD5904 for use in Idiopathic Male Infertility.

AstraZeneca will be issued shares of common stock in Conduit. Conduit will pay AstraZeneca a share of sublicense revenues, including upfront payments, milestones, and royalties received from future partners.

AstraZeneca had progressed AZD1656 and AZD5904 through Phase 1 clinical trials. Conduit initially plans to conduct Phase II clinical trials on clinical candidates AZD1656 and AZD5658 in 2024 for applications in autoimmune disorders.

Shares of Conduit Pharmaceuticals are up 150% in pre-market trade on Thursday.

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