Codexis enters into purchase agreement with Nestle Health Science for CDX-7108

Codexis (CDXS) announced it has entered into a purchase agreement with Nestle Health Science for CDX-7108, an investigational therapy for the potential treatment of exocrine pancreatic insufficiency, or EPI. Under the terms of the agreement, Codexis will receive up to $45M in potential milestone payments, including a $5M upfront payment, as well as single-digit net-sales-based royalties. Codexis will receive up to an additional $5M if Nestle Health Science exercises an option to purchase two additional early-stage enzymes being developed for EPI. Nestle Health Science will be solely responsible for the continued development and commercialization of CDX-7108, including all associated costs. Codexis and Nestle Health Science completed pre-clinical work for CDX-7108 and a Phase I clinical trial under the terms of a previous agreement. With this asset purchase agreement, Nestle Health Science may continue advancing the compound through the development process. Nestle Health Science, a leader in the science of nutrition and gastrointestinal health, is a globally managed business unit of Nestle (NSRGY).