Lyon Biotech THX Pharma Fortifies R&D with Strategic Biocodex Agreement
Lyon, France, March 3, 2026 – THX Pharma, a biotech company based in Lyon (formerly Theranexus), has announced a significant strategic licensing agreement with the French pharmaceutical laboratory Biocodex. This partnership marks a crucial step in THX Pharma’s long-term R&D strategy, focusing on the development of treatments for rare neurological diseases.
The agreement encompasses two key drug candidates, Batten-1 and TXO1, which target three rare diseases with limited existing treatment options: Batten disease for Batten-1, and Niemann-Pick Type C and Gaucher diseases for TXO1.
“This agreement is excellent news for us, as we now have the financial resources to calmly approach the next stages of development,” stated Mathieu Charvériat, President of THX Pharma.
Significant Financial Injection to Bolster R&D
The deal includes an immediate payment of €12 million from Biocodex, with potential milestone payments reaching up to €161 million for development and commercialization. This substantial financial backing empowers THX Pharma to significantly enhance its R&D capabilities.
Charvériat added, “Furthermore, Biocodex will cover all clinical developments up to registration, meaning we do not need to utilize the €8 million raised late last year to complete Phase 3 of Batten-1.”
The milestone payments are generally structured in two phases: development milestones, expected around 2029 upon product registration, and commercial milestones, triggered when the molecule achieves specific sales thresholds.
Focus on Rare Neurological Diseases
THX Pharma’s collaboration with Biocodex underscores its commitment to addressing unmet medical needs in the field of rare neurological disorders. The company’s financial outlook has significantly improved, with approximately €22 million in cash reserves.
“At a typical expenditure rate, we spend about €2 million per year on salaries, premises, listing fees, etc.,” explained Mathieu Charvériat. “The company’s operating expenses are therefore fully covered for a very long time. And most importantly, we have the money to create value. We now know that we will sustain well beyond the financial returns of the Batten and TXO1 contracts.”
Prior to this agreement with Biocodex, THX Pharma had already secured two other positive financial developments:
- A first industrial contract signed in late 2024 with Exeltis, which enabled the company to embark on new projects.
- A successful fundraising round in October 2025, securing nearly €8 million.
This series of strategic financial moves positions THX Pharma to accelerate its research and development efforts, bringing potential new therapies closer to patients suffering from these debilitating rare diseases.
