Nurix Therapeutics (NRIX) said Wednesday that Sanofi (SNY) has exclusively licensed an undisclosed Nurix program targeting a previously undruggable transcription factor for autoimmune diseases.

The company said the target is a key regulator of inflammation and is separate from its earlier disclosed STAT6 degrader program.

Under the collaboration, Nurix said it will use its DEL-AI drug discovery platform to identify new agents that utilize E3 ligases to degrade the target.

Sanofi has the right to license drug candidates resulting from the work, while Nurix has the option to co-develop and co-promote up to two products in the US after clinical proof of concept, it added.

For programs where Nurix doesn't exercise its co-development option, it will receive milestones and royalties based on global sales, the company said.

Nurix said it received a $15 million license extension fee from Sanofi under its 2019 collaboration agreement, bringing the total amount to date to $105 million, and is eligible for up to $465 million in development, regulatory, and commercial milestones for each licensed program, plus royalties on future sales.

Shares of the company rose 2.5% in recent premarket activity.