Cidara Therapeutics Stock Rises After Collaboration Agreement Janssen For Influenza Candidates

Cidara Therapeutics Inc CDTX has entered into an exclusive worldwide license and collaboration agreement with Janssen Pharmaceuticals Inc, a unit of Johnson & Johnson JNJ, to develop and commercialize Cidara's Cloudbreak antiviral conjugates (AVCs) for seasonal and pandemic influenza.
Under the collaboration, Cidara will be responsible for developing and manufacturing the first influenza AVC, CD388, into the clinic and through Phase 2 development.
Janssen will be responsible for late-stage development, manufacturing, registration, and global commercialization.
Cidara will receive an upfront payment of $27 million and is eligible to receive up to $753 million in R&D funding and milestone payments. It has the option to co-detail CD388 in the U.S.
CD388 is long-acting antiviral immunotherapy designed to deliver universal protection for an entire influenza season. Cidara expects to file an Investigational New Drug Application for CD388 with FDA by the end of this year.
Cidara management will hold a conference call and webcast today at 8:30 am ET.
Price Action: CDTX shares are trading 10.9% higher at $2.95 in the premarket trading on the last check Monday.