By Adam L. Cataldo
Shares of Kura Oncology dropped in post-market trading after the company said it entered into a deal to develop and commercialize its breakthrough treatment for acute myeloid leukemia.
The stock fell 14%, to $13.67, in after-hours trading Wednesday. The shares ended the market session down less than 1%, and have fallen 20% in the last three months.
Kura said it entered into a global strategic collaboration with Kyowa Kirin in connection with ziftomenib, a selective oral menin inhibitor being studied for the treatment of people with leukemia and other hematologic malignancies.
The clinical-stage biopharmaceutical company said it would receive a $330 million upfront payment and up to $1.2 billion in total milestone payments, including $420 million in near-term milestone payments. Kura also said it would get opt-in right for solid tumors.
Kura and Kyowa will jointly develop and commercialize the drug, according to terms of the agreement. The two companies would equally share any profits earned in the U.S. Kyowa has exclusive commercialization rights outside the U.S.
Ziftomenib received breakthrough therapy designation in April from the Food and Drug Administration for the treatment of R/R NPM1-mutant acute myeloid leukemia based on data from a clinical trial.
Write to Adam Cataldo at adam.cataldo@wsj.com
(END) Dow Jones Newswires
November 20, 2024 19:02 ET (00:02 GMT)
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