** 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;))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.