Investing.com-- CSL Ltd (ASX:CSL) shares rose on Monday after the Australian healthcare company said it had agreed to pay up to $1.6 billion to jointly develop and commercialise an experimental treatment for rare kidney and liver diseases.
CSL said it would make an initial payment of $355 million to Alentis Therapeutics, with the Swiss biotech eligible for up to $1.2 billion in commercial milestone payments.
Sydney-listed CSL shares rose 1.1% to A$177.20 by 00:47 GMT.
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CSL will also fund ongoing and planned clinical development of lixudebart, including Phase 2 and Phase 3 trials, the company said.
Lixudebart is being tested in patients with ANCA-associated vasculitis and rapidly progressive glomerulonephritis, rare autoimmune diseases that can cause severe and irreversible kidney damage.
The companies will also develop the drug for focal segmental glomerulosclerosis, a chronic kidney disease, and primary sclerosing cholangitis, a liver disease with no currently available therapy, CSL said.
CSL said profits from any global commercialisation would be split 55% to CSL and 45% to Alentis.
Original Article
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