Verve Therapeutics rises on research deal with Eli Lilly
15/06/2023 14:56
** Shares of genetic medicines company Verve Therapeutics
VERV.O rise 2.3% to $17.49
** VERV says it has entered into an exclusive research deal
with Eli Lilly and Co LLY.N to advance co's gene editing
medicine targeting a type of "bad" cholestrol
** Under the deal, VERV will advance the research and
development of the lipoprotein(a) program through early-stage
development, which will be funded by LLY - VERV
** LLY will be responsible for subsequent development,
manufacturing and commercialization of the program - VERV
** VERV will receive $60 million in combined upfront payment
as part of the deal
** VERV is also eligible to receive up to $465 million in
research, development, and commercial milestones, as well as
tiered royalties on global net sales
** Says VERV also has the right to opt-in to co-fund and
share margins globally in lieu of receipt of milestones and
royalties
** Including session gains, VERV shares down ~12% YTD
(Reporting by Mariam Sunny in Bengaluru)
((Mariam.ESunny@thomsonreuters.com;))