Codexis Inks Purchase Deal With Nestle Health Science For CDX-7108

(RTTNews) - Enzyme engineering company Codexis, Inc. (CDXS) announced Wednesday it has entered into a purchase agreement with Nestle Health Science for CDX-7108, an investigational therapy for the potential treatment of 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 Nestle Health Science exercises an option to purchase two additional early-stage enzymes being developed for EPI.

Nestle Health Science will be solely responsible for the continued development and commercialization of CDX-7108, including all associated costs.

Codexis and Nestle Health Science completed pre-clinical work for CDX-7108 and a Phase I clinical trial under the terms of a previous agreement. With this asset purchase agreement, Nestle Health Science may continue advancing the compound through the development process.