Erasca stock climbs 10% amid pipeline restructuring, equity offering

seekingalpha05-17

Shares of Erasca (NASDAQ:ERAS) climbed 10% Friday, the day after the company said it plans to lay off 18% of its workforce as it reshuffles its pipeline by deprioritizing certain programs and in-...

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The San Diego-based biotech said late Thursday that it has agreed to pay Joyo Pharmatech $12.5M upfront and up to $176.5M in milestone payments plus low-to-mid-single digit percentage royalties for the development and commercialization rights to ERAS-0015, a pan-RAS molecular glue for the potential treatment of RAS-mutant tumors.  The license excludes rights to commercialize the product in China, Hong Kong and Macau, but the company would be able to obtain those rights at a later date by making a one-time payment. The company has also agreed to pay Medshine Discovery $10M upfront and up to $160M in milestone payments plus low-single digit percentage royalties for the worldwide development and commercialization rights to ERAS-4001, a pan-KRAS inhibitor.  As a result of the in-licensing, Erasca will deprioritize its oncology drug candidate ERAS-007 as its clinical efficacy data “do not support continued evaluation.\" It also plans to discontinue its internal pan-KRAS program, “provided that certain of the existing ERAS-4 molecules are included in the Medshine agreement as potential backup compounds for ERAS-4001,” Erasca said in a statement. Erasca said it was also exploring advancing its drug candidate ERAS-801 for brain cancer through select investigator-sponsored studies.  The company also priced a $160M equity offering late Thursday. 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