By Colin Kellaher
Shares of Sangamo Therapeutics rose sharply in premarket trading Thursday after the genetic-medicine company said it inked a potentially lucrative licensing agreement with Japan's Astellas Pharma.
Sangamo said it will receive a $20 million upfront license fee from Astellas and will be eligible to earn up to an additional $1.3 billion in licensed target fees and milestone payments under the agreement, along with royalties on sales of products emerging from the deal.
The Richmond, Calif., company said the agreement gives Astellas a license to use its novel proprietary capsid, STAC-BBB, for one neurological disease target, with the right to add up to four more targets.
Sangamo shares, which closed Wednesday at $2.35, were recently up 23% to $2.90 in premarket trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
December 19, 2024 06:20 ET (11:20 GMT)
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