Equillium gains on selling option to purchase antibody drug rights

ONO PHARMACEUTICAL

06/12/2022 12:58

** Shares of drug developer Equillium Inc  EQ.O  rise 13.5%
to $1.85 premarket - set to open at a near three-week high if
gains hold
    ** EQ enters agreement which gives Japan-based Ono
Pharmaceutical the option to purchase rights to EQ's most
advanced drug candidate, itolizumab 
    ** Equillium says it will receive a non-refundable upfront
payment of about $26 mln and will also be eligible to receive up
to about $138.5 mln for exercise of the option and milestone
payments
    ** Itolizumab, a monoclonal antibody, is currently in a
late-stage study for patients with acute graft-versus-host
disease (aGVHD) - a complication of stem cell transplants and in
an early stage study for lupus, an inflammatory disease
    ** The rights include all therapeutic indications and the
rights to commercialize itolizumab in the United States, Canada,
Australia, and New Zealand - EQ
    ** EQ has fallen 56% YTD, up to the last close 
 (Reporting by Amruta Khandekar)
 ((Amruta.Khandekar@thomsonreuters.com;))