Coya up on deal with unit of India's Dr Reddy's for ALS therapy

Coya Therapeutics

06/12/2023 13:24

** Shares of drug developer Coya Therapeutics  COYA.O  rises
8.9% to ~$8 premarket 
    ** Co enters into agreement with wholly owned subsidiary of
Indian drugmaker Dr Reddy's Laboratories  REDY.NS  for its
experimental therapy to treat a rare neurological disease
    ** Pact is for development and commercialization of COYA's
therapy, COYA 302, for treating amyotrophic lateral sclerosis
(ALS) 
    ** Under deal terms, Dr Reddy's will make a $7.5 mln upfront
payment to Coya, besides other development, regulatory and sales
based milestone payments 
    ** Coya, responsible to develop and conduct mid-stage trials
 for its therapy, expects filing with U.S. FDA to start human
trials in H1'24
    ** Dr Reddy's will obtain commercialization rights in the
U.S. and some other countries for patients with ALS, while COYA
retains it in Japan, Mexico and each country in South America
    ** Coya, separately, reports $26.5 mln private placement 
    ** As of last close, COYA up 53.7% YTD

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))