Oric Pharmaceuticals Shares Soar on Pfizer's $25 Million Investment
December 22 2022 - 07:40AM
Dow Jones News
By Dean Seal
Shares of Oric Pharmaceuticals Inc. jumped nearly 60% to $4.79
in premarket trading Thursday after the company agreed to sell $25
million in shares to Pfizer Inc.
The clinical-stage oncology company said Wednesday evening that
Pfizer has agreed to buy nearly 5.4 million shares of Oric's common
stock for $4.65 apiece.
The investment is part of a clinical development collaboration
between the two companies on a Phase 2 study examining Oric's
ORIC-533 treatment for multiple myeloma, the companies said.
The companies said the collaboration would potentially advance
the treatment into a combination study with Pfizer's elranatamab,
an investigational treatment for multiple myeloma.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
December 22, 2022 07:25 ET (12:25 GMT)
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