Rapt Therapeutics rises 60% on license deal for allergy drug
23/12/2024 12:41
** Drug developer Rapt Therapeutics' RAPT.O shares rise
59.9% to $1.32 premarket
** Co enters into license agreement with China-based
Shanghai Jemincare Pharmaceutical Co for an experimental allergy
treatment
** Jemincare gets $35 million upfront license fee and up to
$672.5 million in additional milestone payments
** The experimental treatment called RPT904 is being
developed as an alternative to Novartis' NOVN.S Xolair, which
is approved to treat several allergic disorders, including
asthma
** As part of the deal, RAPT is granted worldwide rights
excluding China, Hong Kong, Macau and Taiwan to develop and
commercialize RPT904
** RAPT plans to develop RPT904 initially for food allergy,
co says
** Separately, Jemincare is conducting mid-stage trials in
China to treat asthma and chronic spontaneous urticaria — a skin
condition
** Up to last close, stock down 96.7% YTD
(Reporting by Sneha S K)
((Sneha.SK@thomsonreuters.com;))