Equillium Shares Rally Premarket on Itolizumab Pact With Ono
December 06 2022 - 8:01AM
Dow Jones News
By Colin Kellaher
Shares of Equillium Inc. rose sharply in premarket trading
Tuesday after the clinical-stage biotechnology company inked an
option and asset-purchase agreement with Japan's Ono Pharmaceutical
Co. for the rights to the drug candidate itolizumab.
Equillium said it will receive an upfront payment of about $26
million from Ono, which gets an exclusive option to buy Equillium's
rights to itolizumab and will fund the La Jolla, Calif., company's
research and development of the drug during the option exercise
period.
Equillium said it also is eligible for up to $138.5 million in
option-exercise and milestone payments from development of the drug
through the first commercial sale.
Equillium, which acquired the rights to itolizumab through an
exclusive partnership with Biocon Ltd., said it expects the
partnership with Ono gives it a runway to fund its operations into
2025.
Shares of Equillium, which closed Monday at $1.65, were recently
up 12% to $1.85 in premarket trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
December 06, 2022 07:46 ET (12:46 GMT)
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