Voyager Therapeutics Shares Leap Premarket on Novartis Collaboration
By Colin Kellaher
Shares of Voyager Therapeutics surged in premarket trading Tuesday after the biotechnology company said it inked a collaboration and license agreement with drugmaker Novartis that is potentially worth more than $1 billion.
Voyager said it will provide Novartis a target-exclusive license to its Tracer capsids and other intellectual property as the companies pursue potential gene therapies for Huntington's disease and spinal muscular atrophy.
Voyager said it will receive $100 million in upfront consideration from Novartis, including a $20 million purchase of newly issued equity, and that it is eligible to receive up to $1.2 billion in preclinical, development, regulatory and sales milestones, along with royalties on sales of products emerging from the collaboration.
According to a filing with the U.S. Securities and Exchange Commission, Novartis is buying nearly 2.15 million Voyager shares, which would imply a purchase price of roughly $9.32, a 10% premium to Friday's closing price of $8.44.
Voyager, based in Lexington, Mass., said it expects funds from the collaboration will extend its runway into mid-2026.
Voyager shares were recently up 23% to $10.40 in premarket trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
January 02, 2024 07:31 ET (12:31 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
After Earnings, Is Berkshire Hathaway Stock a Buy, a Sell, or Fairly Valued?
-
For Bond Investors, Delayed Rate Cuts Demand a Different Playbook
-
What’s Happening In the Markets This Week
-
How the Tokyo Stock Exchange Is Pushing for Better Shareholder Returns
-
Magnificent 7 Stocks Earnings Updates: AI Remains the Focus
-
Where We See Opportunities After an Ugly Month for Stocks
-
After Earnings, Is Alphabet Stock a Buy, a Sell, or Fairly Valued?
-
When Will the Fed Start Cutting Interest Rates?
-
Berkshire Hathaway Earnings: Strong Insurance Results Continue to Lift Revenue and Profitability
-
10 Questions for Berkshire Hathaway’s 2024 Annual Meeting
-
After Earnings, Is Ford Stock a Buy, a Sell, or Fairly Valued?
-
3 Dividend Stocks for May 2024
-
Amgen Earnings: Obesity Drug Update Is Highly Encouraging
-
What’s Going on With Apple, Tesla, and Alphabet?
-
Apple Earnings: A Weak 2024, but Optimism for 2025
-
4 Utility Stocks to Play the AI Data Center Boom