Genor Biopharma Signs License, Stock Purchase Deals with US-Based JV; Shares Jump 10%

MT Newswires Live08-05

Genor Biopharma Holdings (HKG:6998) entered into license and stock purchase agreements with US-based TRC 2004 to manufacture and commercialize Genor's multi-purpose drug GB261, focusing on autoimmune diseases, according to a Monday filing with the Hong Kong bourse.

TRC 2004 is a joint venture between Third Rock Ventures in Delaware and Two River.

The deal will give Genor Biopharma a "significant" stake in TRC 2004, a multi-million dollar upfront payment, up to $443 million in milestone payments, and tiered single-to double-digit royalty payments on net sales, the filing said.

TRC 2004 will promote, manufacture, and sell the drug globally, except for China Mainland, Taiwan, Hong Kong, and Macau.

Genor Biopharma's shares were up almost 10% in recent Monday trade.

Price (HKD): $1.33, Change: $+0.12, Percent Change: +9.92%

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