By Michael Susin

Prime Medicine shares rose on Monday after the company signed a research collaboration and license agreement Bristol Myers Squibb to develop reagents for T-cell therapies.

In premarket trading, shares were up 20% to $4.15. However, the stock is down more than 60% on a year-to-date basis through Friday's close.

The biotechnology company said it will develop optimized reagents for the next generation of ex vivo T-cell therapies, while Bristol Myers Squibb will be responsible for development, manufacturing and commercialization of the cell therapies.

Prime Medicine said it will receive a $55 million upfront payment and a $55 million investment from Bristol Myers Squibb. It will is also eligible to receive more than $3.5 billion in milestones, including up to $1.4 billion in development milestones and more than $2.1 billion in commercialization milestones, along with royalties on net sales.

The company added that it expects its cash runway to fund operations into the first half of 2026, and that it is seeking further partnership opportunities to advance other programs, including those for neurological diseases, cell therapy, ocular diseases and hearing loss.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

September 30, 2024 08:51 ET (12:51 GMT)

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