ORIC Pharma jumps on Pfizer partnership, investment

ORIC Pharmaceuticals

21/12/2022 23:12

** Shares of ORIC Pharmaceuticals Inc  ORIC.O  rise ~37% to
$4.10 after market 
    ** Co enters into a development collaboration with Pfizer
Inc  PFE.N  for potential mid-stage study of experimental drug
ORIC-533 for treating multiple myeloma, which is a cancer of
plasma cells   
    ** ORIC also agrees to sell ~5.4 mln of its common shares to
Pfizer at a price of $4.65/shr for proceeds of ~$25 mln; per
share price represents a premium of 55% to ORIC's last close
    ** Including PFE's equity investment, ORIC expects its cash
runway to be extended into H1 of 2025
    ** As of last close, ORIC shares were down ~80% YTD
 (Reporting by Raghav Mahobe)
 ((Raghav.Mahobe@thomsonreuters.com;))