Prime Medicine rises after investment from Bristol Myers, licensing deal

Prime Medicine

30/09/2024 12:29

** Shares of Prime Medicine  PRME.O  rise 14.7% to $3.93 in
heavy premarket volumes
    ** Co says it signed a research collaboration and license
agreement with Bristol-Myers Squibb  BMY.N , where the drugmaker
will invest $55 mln in PRME's equity
    ** PRME says it will also receive $55 mln upfront payment,
with potential for more than $3.5 billion once certain sales and
development milestones are completed
    ** Agreement to develop and commercialize multiple therapies
    ** Collaboration combines PRME's gene editing capabilities
with BMY's expertise in development and commercialization of
novel cell therapies - PRME says 
    ** As of last close, PRME's stock down ~61% YTD

 (Reporting by Kashish Tandon in Bengaluru)
 ((Kashish.tandon@thomsonreuters.com))