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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