Schrodinger rises on research collaboration and license agreement with Novartis

Schrodinger

12/11/2024 12:16

** Shares of pharmaceuticals software company Schrodinger
 SDGR.O  rise 6.5% to $20.81 premarket
    ** Co announces research collaboration and license agreement
with Novartis  NOVN.S  "to advance multiple development
candidates into Novartis's portfolio for further development"
    ** Also announces expanded three-year software agreement
with Novartis
    ** Under the terms of the agreement, co to receive $150 mln
upfront payment, and will also be eligible to receive up to $892
mln in milestone payments
    ** Additionally, co is eligible for up to $1.38 bln in
commercial milestones and tiered mid single-digit to low
double-digit percentage royalties on net sales of each product
commercialized by Novartis
    ** Co separately reports Q3 results, and forecasts FY
software revenue growth of 8%-13% vs 6%-13% previously
    ** Reports Q3 total revenue of $35.3 mln, compared to $42.6
mln a year ago
    ** Up to last close, stock down 45.4% YTD

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