Benzinga | Jun 2, 2021 07:29AM EDT

AstraZeneca, Proteros Team Up To Develop Novel Anti-Cancer Medicines

* Privately-held Proteros biostructures GmbH has signed an agreement with AstraZeneca Plc (NASDAQ:AZN) to jointly discover and develop novel small molecules for the potential treatment of various types of cancer.

* Under the agreement, AstraZeneca will provide research funding, and Proteros will be eligible for success-based research, development, and commercial milestone payments up to (euro)62 million, as well as tiered royalties on annual net sales.

* Price Action: AZN shares are down 0.5% at $55.98 during the premarket session on the last check Wednesday.