Spero Therapeutics up after GSK eyes urinary tract infection drug candidate

Spero Therapeutics

22/09/2022 11:03

** Shares of drug developer Spero Therapeutics Inc  SPRO.O 
rise 96% to $1.6 - biggest pct gainer across U.S. stock
exchanges premarket
    ** Co says British drugmaker GSK Plc  GSK.L  to take a stake
in SPRO as part of licensing agreement for its experimental
antibiotic for complicated urinary tract infections  urn:newsml:reuters.com:*:nL4N30T1H3
    ** Under agreement, GSK will make an upfront payment of $66
mln for the oral antibiotic and also buy $9 mln of SPRO's shares
    ** GSK to buy 7.45 mln of SPRO's share at a price of $1.21,
which is a premium of ~47% to its last close
    ** Up to Wednesday's close, stock lost ~95% YTD
 (Reporting by Khushi Mandowara)
 ((Khushi.Mandowara@thomsonreuters.com;))