Monte Rosa Therapeutics More Than Doubles on Novartis Agreement

Dow Jones10-29

By Josh Beckerman

Shares of Monte Rosa Therapeutics more than doubled and touched a 52-week high after the biotechnology company reported a global exclusive development and commercialization license agreement with Novartis.

Monte Rosa stock was up 130%, to $11.25, on Monday, with an intraday high of $12.15, and is up about 103% this year.

Terms include a $150 million up-front payment from Novartis. Monte Rosa is eligible to receive up to $2.1 billion in development, regulatory, and sales milestones.

Novartis will obtain exclusive worldwide rights to develop, manufacture and commercialize MRT-6160 and other VAV1-directed molecular glue degraders.

MRT-6160 is currently in a continuing Phase 1 healthy volunteer study for immune-mediated conditions.

TD Cowen maintained its "buy" rating for Monte Rosa. It said the licensing agreement provides validation for the MRT-6160 program and said it believes the economics of the agreement are favorable.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

October 28, 2024 14:31 ET (18:31 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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