Nurix Therapeutics gains on agreement with Seagen to develop cancer drugs

Seagen

07/09/2023 12:39

** Shares of drug developer Nurix Therapeutics  NRIX.O  up
~12% at $9.27 before the bell
    ** Company says will collaborate with Seagen  SGEN.O  to
develop a type of cancer drugs known as degrader-antibody
conjugates (DAC)
    ** DAC is designed to selectively kill cancer cells by
targeting disease-causing proteins
    ** Under the terms, NRIX to receive an upfront payment of
$60 mln and can receive up to about $3.4 bln in milestone
payments across multiple development programs
    ** Nurix will also be eligible to get mid-single to low
double-digit tiered royalties on future sales, retains option
for U.S. profit-sharing and co-promotion on two products
developed under the agreement
    ** NRIX expects with the receipt of $60 mln upfront payment,
its existing cash and equivalents will be sufficient to fund
operating activities into Q2 2025
    ** As of last close, shares down ~25% YTD

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))