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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