Prime Medicine set for best day ever on Bristol Myers investment, licensing deal

Prime Medicine

30/09/2024 15:55

(Updates)
    ** Shares of Prime Medicine  PRME.O  surge 31.5% to $4.55,
set for their best day ever if gains hold
    ** Signs research collaboration and license agreement with
Bristol-Myers Squibb  BMY.N  that includes investment of $55 mln
in PRME's equity
    ** 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 co-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 
    ** PRME recoups some YTD losses on session's gains, last
down ~49%

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