- Vertex (NASDAQ:VRTX) Pharmaceuticals Incorporated (NASDAQ: VRTX) and Verve Therapeutics Inc (NASDAQ: VERV) announced an exclusive, four-year global research collaboration to discover and develop an in vivo gene editing program for undisclosed liver disease.
- Under the terms of the collaboration, Verve will advance the discovery, research, and certain preclinical development, with all program costs funded by Vertex.
- Vertex will be responsible for subsequent development, manufacturing, and commercialization of any program stemming from Verve's research efforts.
- Also Read: Why Did BMO Capital Markets Raise Price Target (NYSE:TGT) For Gene Stock One Month After Initiating Coverage.
- Verve will receive an upfront payment of $60 million, including a $35 million equity investment in Verve.
- Verve is also eligible to receive up to $66 million in success payments, up to $340 million in development and commercial milestones, and tiered royalties on future net sales.
- Concurrently, Verve Therapeutics commenced an underwritten public offering of $200.0 million.
- Price Action: VERV shares are down 18.90% at $29.11 during the premarket session on the last check Thursday. VRTX shares closed at $285.50 on Wednesday.
Read at Benzinga