Sanofi (SNY.US) stopped the STAT6 project, and Nurix (NRIX.US) dropped more than 30% before the market! The milestone payment fell short along with the split

The Zhitong Finance App learned that Nurix Therapeutics (NRIX.US) continued its previous post-market decline before Wednesday after announcing that its partner SNY.US (SNY.US) decided to stop an experimental inflammatory disease treatment study. At press time, Nurix was down 32.96% to $17.31.

The decision was announced on Tuesday. A few months earlier, the French pharmaceutical giant had just begun phase 1 clinical development of the STAT6 degrading agent SAR448272 for type 2 inflammatory diseases in August of this year, and paid Nurix a milestone payment of 10 million US dollars as a result.

As Sanofi suspends this phase 1 of its first human clinical trial and completely terminates the program, the California-based biotech company will no longer be eligible for related development, regulatory, and commercialization milestone payments, as well as potential sales shares.

However, the company said it held a total of 1.1 billion US dollars in cash, cash equivalents and marketable securities as of August 31, and reiterated the recently issued guidance that capital can support operations until the second half of 2029.