Monte Rosa Therapeutics surges on licensing deal with Novartis

Monte Rosa Therapeutics

28/10/2024 13:58

** Shares of drug developer Monte Rosa Therapeutics  GLUE.O 
rise 37.22% to $6.84
** Novartis  NOVN.S  will pay GLUE $150 million upfront for a
global license to develop, manufacture and sell some drug
candidates
    ** GLUE will also be eligible for future payments of up to
$2.1 billion in development, regulatory, and sales milestones
    ** The agreement is expected to accelerate the development
of MRT-6160, which is in an early-stage study for
immune-mediated conditions
    ** GLUE stock up ~20% YTD

(Reporting by Sriparna Roy in Bengaluru)
((mailto:Sriparna.Roy@thomsonreuters.com;))