BUZZ-Schrodinger rises on research collaboration and license agreement with Novartis

Reuters11-12 20:16

** Shares of pharmaceuticals software company Schrodinger

rise 6.5% to $20.81 premarket

** Co announces research collaboration and license agreement with Novartis "to advance multiple development candidates into Novartis's portfolio for further development"

** Also announces expanded three-year software agreement with Novartis

** Under the terms of the agreement, co to receive $150 mln upfront payment, and will also be eligible to receive up to $892 mln in milestone payments

** Additionally, co is eligible for up to $1.38 bln in commercial milestones and tiered mid single-digit to low double-digit percentage royalties on net sales of each product commercialized by Novartis

** Co separately reports Q3 results, and forecasts FY software revenue growth of 8%-13% vs 6%-13% previously

** Reports Q3 total revenue of $35.3 mln, compared to $42.6 mln a year ago

** Up to last close, stock down 45.4% YTD

(Reporting by Sneha S K)

((Sneha.SK@thomsonreuters.com;))

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