10:41 AM EDT, 08/08/2024 (MT Newswires) -- Conduit Pharmaceuticals ( CDT ) shares climbed by more than 94% in early Thursday trading after the company said it signed an exclusive license agreement with AstraZeneca ( AZN ) to develop three compounds including AZD1656, AZD5658, and AZD5904.

The agreement grants Conduit rights to AZD1656 and AZD5658 for all human indications and AZD5904 for idiopathic male infertility, Conduit said.

As part of the agreement, AstraZeneca ( AZN ) will receive Conduit shares and a share of future sublicense revenues, according to the company statement.

Conduit said it plans to initiate phase II trials for AZD1656 and AZD5658 in 2024. AstraZeneca ( AZN ) will provide Conduit with pre-clinical and clinical data and supply certain quantities of the assets, the company said.

Financial details were not disclosed.

Price: 0.32, Change: +0.16, Percent Change: +93.94