By Michael Dabaie

 

Verastem Inc. (VSTM) said Thursday it is in a licensing agreement with Sanofi (SNY).

The agreement is for biopharmaceutical company Verastem's Copiktra for the treatment of all oncology indications in Russia and CIS, Turkey, the Middle East and Africa.

Shares were up 7% after hours to $1.40.

Verastem will receive an upfront payment of $5 million and can receive up to an additional $42 million in development and sales milestone payments, plus double-digit percentage royalties. Sanofi will receive exclusive rights to develop and commercialize Copiktra, and hold the marketing authorization and product license for Copiktra, in the licensed territories.

 

Write to Michael Dabaie at michael.dabaie@wsj.com

 

(END) Dow Jones Newswires

July 25, 2019 17:16 ET (21:16 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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