July 14 (Bloomberg) -- Avexa Ltd. climbed in Sydney trading after the company said it entered into a licensing agreement in China to develop a potential class of treatments for HIV.
Avexa gained 12 percent to close at 3.7 Australian cents. Australia’s S&P/ASX 200 Index rose 1.9 percent.
The Melbourne-based drug developer will receive 50 percent of revenue from the drugs in China under the agreement with Shanghai Institute of Organic Chemistry, which will bear development costs in the country, Avexa said in a statement today. Avexa retains all development and marketing rights outside the China region, the company said.
To contact the reporter on this story: Lena Lee in Singapore at email@example.com.
To contact the editor responsible for this story: Lena Lee at firstname.lastname@example.org