Omega Therapeutics rises on research partnership with Novo Nordisk

Omega Liquidating

04/01/2024 15:16

(Updates)
    ** Omega Therapeutics' shares  OMGA.O  rise 93% to about
$5.3
    ** Stock among top three pct gainers across U.S. stock
exchanges 
    ** Novo Nordisk  NOVOb.CO  announced research collaboration 
with two U.S. biotech firms, including OMGA, as part of its
efforts to develop more treatments for cardiometabolic diseases
    ** Under the terms of the respective agreements, Novo will
reimburse research and development (R&D) costs
    ** Additionally, Novo may pay up to $532 mln each in
upfront, development and commercial milestone payments, among
others, to the two companies
    ** OMGA will jointly conduct pre-clinical trial with Novo,
after which Novo could advance programs into clinical studies
    ** The two research programs are signed under existing
partnerships between Novo Nordisk and Flagship Pioneering
    ** Omega stock had fallen 47% in 2023 

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