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 €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.