Foghorn jumps on Lilly collaboration for cancer treatment

Foghorn Therapeutics

13/12/2021 13:16

** Biopharma co's shares  FHTX.O  rise 39.3% to $16.71
premarket
    ** Stock among top performers across exchanges
    ** Co and Eli Lilly  LLY.N  enter into collaboration to
create novel oncology medicines by applying Foghorn's
proprietary platform
    ** Foghorn will receive upfront payment of $300 mln in cash
and an equity investment by Lilly of $80 mln in Foghorn common
shares at $20 per share
    ** Collaboration includes a co-development and
co-commercialization agreement for Foghorn's program targeting
cancers with certain mutations and an additional undisclosed
oncology target
    ** FHTX stock have lost ~41% this year, as of last close

 (Reporting by Mrinalika Roy in Bengaluru)
 ((mrinalika.roy@thomsonreuters.com; within U.S. +1 646 223
8780, outside U.S. +91 806749 8325;))