ChemoCentryx Jumps 3.5%

ChemoCentryx (CCXI) and Vifor Pharma, a company of the Galenica Group, said Vifor bought rights from the company to commercialize avacopan in Asia, including Japan and the Middle-East. Shares of ChemoCentryx jumped 3.5% intraday. Avacopan is an orally-administered inhibitor of the complement 5a receptor (C5aR) and is currently in a phase III development for rare renal diseases, according to the joint statement.

The agreement effectively gives Vifor Pharma rights to commercialize avacopan for orphan and rare renal diseases in all markets outside the United States and China, building on the original licensing agreement signed in May 2016.

ChemoCentryx will receive an upfront cash commitment of $20 million in return for the new rights, plus tiered double-digit royalties on potential net sales. This is in addition to the $85 million upfront paid under the original May 2016 licensing agreement, the statement added.

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