** Drug developer Rapt Therapeutics' RAPT.O shares rise 59.9% to $1.32 premarket
** Co enters into license agreement with China-based Shanghai Jemincare Pharmaceutical Co for an experimental allergy treatment
** Jemincare gets $35 million upfront license fee and up to $672.5 million in additional milestone payments
** The experimental treatment called RPT904 is being developed as an alternative to Novartis' NOVN.S Xolair, which is approved to treat several allergic disorders, including asthma
** As part of the deal, RAPT is granted worldwide rights excluding China, Hong Kong, Macau and Taiwan to develop and commercialize RPT904
** RAPT plans to develop RPT904 initially for food allergy, co says
** Separately, Jemincare is conducting mid-stage trials in China to treat asthma and chronic spontaneous urticaria — a skin condition
** Up to last close, stock down 96.7% YTD
(Reporting by Sneha S K)
((Sneha.SK@thomsonreuters.com;))
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