JNJ - Cidara shares gain 15% on antiviral conjugates development deal with Janssen

Cidara Therapeutics (CDTX) soars 15% premarket after entering into an exclusive worldwide license and collaboration agreement with Johnson & Johnson (JNJ) unit, Janssen Pharmaceuticals, to develop and commercialize Cidara’s Cloudbreak antiviral conjugates (AVCs) for the prevention and treatment of seasonal and pandemic influenza. Under the collaboration, Cidara will be responsible for the development of the first influenza AVC, CD388, into the clinic and through Phase 2, and Janssen will be responsible for late-stage development and global commercialization.Cidara will receive an upfront payment of $27M and Janssen will fund all future research, development, manufacturing and commercialization for CD388.In addition, Cidara is eligible to receive up to $753M in budgeted R&D funding and in milestones, plus tiered royalties on worldwide sales in the mid to high single digits. Cidara has the option to co-detail CD388 in the U.S. Cidara will hold a conference call today at 8:30 am ET to discuss its worldwide license and collaboration

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Cidara shares gain 15% on antiviral conjugates development deal with Janssen