BUZZ-Australia's Dimerix jumps most in 1 year on drug development agreement for Japan

Reuters

Jan 07, 2025

BUZZ-Australia's Dimerix jumps most in 1 year on drug development agreement for Japan

** Shares of Dimerix DXB.AX rise as much as 31% to A$0.465, their biggest intraday pct gain since mid-October 2023

** Biopharmaceutical firm enters exclusive agreement with Osaka-based FUSO Pharmaceutical Industries 4538.T to develop and commercialise kidney disease drug candidate DMX-200 in Japan

** ASX-listed firm says it will receive 300 million Yen ($1.90 million) within 40 days of signing the deal, with a potential additional 400 million Yen ($2.54 million) expected upon the start of the first clinical trial site, anticipated in Q1 2025

** Adds, the deal includes potential development and commercialisation milestones of up to 9.8 billion Yen ($62.17 million), in addition to royalties ranging from 15% to 20% on net sales of the drug, if successfully commercialised

** Stock hits its highest level since Oct. 21, 2024

** Over 4.7 mln shares change hands, ~3.6x the 30-day avg

** Dimerix gained 65.9% last year vs its Japanese peer's gains of 34.4%

($1 = 157.7800 yen)

(Reporting by Kumar Tanishk in Bengaluru)

((Tanishk.Kumar@thomsonreuters.com))

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