Shares of Codexis Inc. (CDXS) were up +1.34 or +95.04 percent to $2.75 per share in pre-market trading early this morning, after the company announced late yesterday a platform technology agreement with GlaxoSmithKline (GSK). Codexis Inc. stock closed at $1.41, down -0.04 or -2.76 percent in Monday’s regular trading session.
Redwood City, California based Codexis Inc. is a biotechnology firm specializing in the development of proprietary biocatalysts. These enzymes or microbial agents initiate or accelerate catalytic reactions in microorganisms. Biocatalysts facilitate the manufacturing process in pharmaceutical products, reducing production costs. Codexis works with over 50 major pharmaceutical companies offering development services and screening tools, customers include Merck (MRK), Pfizer (PFE) and Teva Pharmaceuticals (TEVA).
Brentford, London, UK based GlaxoSmithKline is the world’s sixth largest pharmaceutical company by revenue and was the result of the merger of Glaxo Wellcome and SmithKline Beecham in 2000. The company had net income of $8.9 billion on revenue of $43.5 billion in 2013.
The licensing agreement announced yesterday, will have GlaxoSmithKline pay the company $6 million initially and $19 million subsequently, when the technology is fully transferred, for its CodeEvolver