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)
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