Olema jumps on deal with Aurigene to develop cancer therapies

Olema Pharmaceuticals

09/06/2022 13:24

** Biopharma co Olema Pharmaceuticals Inc's  OLMA.O  shares
up 12.5% at $4.5 premarket 
    ** Co announces exclusive collaboration and license
agreement with Aurigene to discover and develop novel cancer
therapies
    ** OLMA to make an upfront licensing payment of $8 million
for rights to a pre-existing Aurigene program
    ** Aurigene will be eligible for up to $60 million in
potential clinical development and regulatory milestones and up
to $370 million in potential commercial milestones
    ** OLMA says current cash sufficient to fund planned
research and development operations into H2 2024
    ** Stock down ~58% YTD, as of last close 
    

 (Reporting by Richard Rohan Francis in Bengaluru)
 ((RichardRohan.Francis@thomsonreuters.com;))