Rigel Pharmaceuticals rises after acquiring US rights to lung cancer drug

Rigel Pharmaceuticals

22/02/2024 15:29

** Shares of drugmaker Rigel Pharmaceuticals  RIGL.O  rise
4.9% to $1.17 
    ** Company to acquire U.S. rights to lung cancer drug,
Gavreto, from Blueprint Medicines  BPMC.O 
    ** Under the agreement, RIGL to pay Blueprint $15 mln. Of
which, $10 mln is payable upon first commercial sale of the drug
and additional $5 mln on the first anniversary of the closing
date
    ** Company expects to complete the transaction in Q3 of 2024
     ** BPMC is also eligible to receive up to $97.5 mln in
future commercial milestone - RIGL 
    ** Gavreto was approved by the U.S. FDA in September 2020
    ** BPMC separately announced on Thursday that Roche  ROG.S 
decided to terminate its collaboration agreement for Gavreto 
    ** Rigel stock down 27.3% in the last 12 months

 (Reporting by Sneha S K)
 ((Sneha.SK@thomsonreuters.com;))