Ardelyx regains tenapanor rights from AZ, raises $77.8M

Ardelyx Inc. (NASDAQ:ARDX) climbed $4.25 (40%) to $14.95 on Wednesday after it reacquired rights to tenapanor ( AZD1722) from AstraZeneca plc (LSE:AZN NYSE:AZN), unveiled new candidate RDX022 to treat hyperkalemia and raised $77.8 million in a private placement led by New Enterprise Associates. NEA general partner David Mott said the three developments turn Ardelyx into a company with multiple pre-financed late-stage programs.

Ardelyx regained rights from AZ to its non-absorbed solute carrier family 9 sodium hydrogen exchanger member 3 ( SLC9A3; NHE3) inhibitor program, which includes tenapanor. AZ will receive $15 million upfront, 10% of royalties and 20% of non-royalty payments that Ardelyx would receive if it elects to license rights to the program to a new partner. These payments will be capped at $90 million. Ardelyx will also pay AZ an additional $10 million to cover R&D and asset transfer costs, plus up to $10 million for trial materials and product inventory. ...