Schrödinger's stock soars 9% as it enters collaboration pact with Novartis for up to about $2.5 billion in payments

Dow Jones11-12 19:55

MW Schrödinger's stock soars 9% as it enters collaboration pact with Novartis for up to about $2.5 billion in payments

Schrödinger Inc.'s stock $(SDGR)$ soared 9% early Tuesday, after the company said it has entered a multi-year collaboration agreement with Swiss pharma Novartis AG (CH:NOVN) $(NVS)$, under which it will receive a $150 million upfront payment and be eligible for up to about $2.3 billion in milestone payments and royalties. The New York based Schrödinger said it will advance multiple development candidates into Novartis's portfolio. The companies also have an expanded three-year software agreement that will increase access for Novartis to Schrödinger's computational predictive modeling technology and enterprise informatics platform. "This expanded access enables Novartis to deploy Schrödinger's full suite of drug discovery technologies at industry-leading scale across its research sites," the company said in a statement. Schrödinger's stock has fallen 45% in the year to date, while the S&P 500 has gained 25.8%.

-Ciara Linnane

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November 12, 2024 06:55 ET (11:55 GMT)

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