On June 3, Stifel Nicolaus analyst Stephen Willey maintained a Buy rating on Nurix Therapeutics, Inc. (NASDAQ:NRIX) with a price target of $35. The reiteration comes after Sanofi exercised its option to exclusively license Nurix’s STAT6 program, particularly the NX-3911 candidate.
On June 2, Nurix Therapeutics, Inc. announced that Sanofi (NASDAQ:SNY) has decided to exclusively license the STAT6 program. STAT6 is a transcription factor central to IL-4/IL-13 signaling pathways that drive inflammation in allergic conditions such as atopic dermatitis and asthma. The NX-3911 candidate is a STAT6 degrader. Sanofi has paid the company a $15 million license extension fee under their 2019 collaboration agreement, bringing the total payments from Sanofi to Nurix under this collaboration to $127 million so far.
A laboratory technician inspecting samples to assess the effectiveness of a CBL-B inhibitor on B-cell malignancies.
Analyst Stephen Willey sees this as positive news for Nurix Therapeutics, Inc.. Moreover, the financial implication of this partnership is also substantial with future milestones potentially reaching $465 million.
Nurix Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on developing targeted protein degradation therapies to treat cancer and inflammatory diseases.
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