By Rob Curran
Monopar Therapeutics shares rose after the biotechnology company agreed to license a treatment for patients with a rare genetic condition from AstraZeneca unit Alexion.
Shares of the Wilmette, Ill., company were up 10.8% at $5.13 in premarket trading Thursday. The stock price has more than doubled since the start of the year.
Monopar agreed to license the ALXN-1840 drug candidate for an up-front payment comprised of undisclosed amounts of cash and equity, plus future royalties and milestone payments.
In return, Monopar will take over development and commercialization of the oral medication for Wilson's disease, a condition that causes too much copper to accumulate in the organs.
Under Alexion's development program, ALXN-1840 already has met the primary endpoint in a late-stage, Phase 3 clinical trial.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
October 24, 2024 09:16 ET (13:16 GMT)
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