PTC Therapeutics and Royalty Pharma climb on new royalty deal

Royalty Pharma

19/10/2023 14:02

** Shares of PTC Therapeutics  PTCT.O  rise ~5.7% to $21.67
and Royalty Pharma  RPRX.O  shares up ~2.3% to $28.08 premarket 
    ** Cos say Royalty Pharma will pay $1 bln in additional
royalties for PTC's spinal muscular atrophy (SMA) drug Evrysdi 
    ** The deal also includes options for PTC to sell up to all
of its retained royalties on Evrysdi for up to $500 mln at a
later date
    ** The agreement builds on a previous partnership
established in 2020
    ** SMA prevents the body from producing a protein necessary
for neuromuscular development
    ** Up to last close, RPRX stock down ~30.5%, PTCT down
~46.3% YTD

    

 (Reporting by Christy Santhosh)
 ((Christy.Santhosh@thomsonreuters.com))