Dimerix acquires Mission's phase-2 ready AKI drug in $292 million deal

Dimerix announced it has acquired the acute kidney injury candidate MTX652 from Mission Therapeutics in a deal valued at up to $292 million, including a $5 million upfront payment.

Mission had completed phase-1 testing in healthy volunteers in 2023 and received clearance to start a phase-2 trial, but redirected resources to its Parkinson’s disease program, leaving MTX652 undeveloped.

Under the agreement, Dimerix may pay up to $47 million in development milestones, $40 million upon regulatory approval, $25 million for a second indication, and up to $175 million tied to sales performance.

The Australian biotech has already secured U.S. approval to conduct the phase-2 study and obtained sufficient drug product for the trial, financing the effort through a recent loan and asset sale.