Entrada Therapeutics Shares Rise 18% After Vertex Collaboration News
December 08 2022 - 2:04PM
Dow Jones News
By Stephen Nakrosis
Shares of Entrada Therapeutics Inc. were trading higher on the
Nasdaq Thursday, following news the company will collaborate with
Vertex Pharmaceuticals Inc. to discover and develop Endosomal
Escape Vehicle Therapeutics for Myotonic Dystrophy Type 1.
Myotonic Dystrophy Type 1, or DM1, which also is known as
Steinert's disease, is an inherited condition which can lead to
muscular weakness and abnormal heart function. The U.S. National
Institutes of Health estimate fewer than 200,000 people in the U.S.
have the disease.
Under the terms of the deal, Entrada will receive an upfront
payment of $224 million and an equity investment of $26 million.
The company will be eligible for up to $485 million in future
payments.
At 1:25 p.m. ET, shares of Entrada were trading 17.44% higher,
at $20.81 each. Volume was more than 282,000 shares, above the
stock's 65-day average volume of 66,460 shares.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
December 08, 2022 13:49 ET (18:49 GMT)
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