Sanofi (SNY.US) Halts STAT6 Program; Nurix (NRIX.US) Falls Over 30% in Pre-Market! Milestone Payments and Revenue Sharing Both Fall Through

Nurix Therapeutics (NRIX.US) extended its prior after-hours decline in pre-market trading on Wednesday after announcing that its partner Sanofi (SNY.US) decided to halt research on an experimental inflammatory disease therapy. As of press time, Nurix was down 32.96% at $17.31. The decision was announced on Tuesday. It came months after the French pharmaceutical giant launched Phase 1 clinical development in August of this year for SAR448272, a STAT6 degrader targeting type 2 inflammatory diseases, and paid Nurix a $10 million milestone payment in connection with that. With Sanofi discontinuing the Phase 1 first-in-human clinical trial and terminating the program entirely, the California-based biotechnology company will no longer be eligible for related development, regulatory and commercialization milestone payments, as well as potential sales royalties. However, the company said it held $1.1 billion in cash, cash equivalents and marketable securities as of August 31, and reiterated its recently issued guidance that its funds can support operations into the second half of 2029.