Codexis, Nestle deal

In October, the Nestle Health Science subsidiary of Nestle S.A. (SIX:NESN) obtained an option from Codexis Inc. (NASDAQ:CDXS) to license exclusive worldwide rights to CDX-6114, an oral enzyme, to treat phenylketonuria.

Codexis received $14 million up front and is eligible for undisclosed milestones and tiered royalties. The company will be responsible for development of CDX-6114 through a Phase I study in healthy volunteers, after which Nestle can exercise its option. Nestle would then be responsible for all future development and commercialization. ...