Zinger Key Points
- Novartis has agreed to pay Monte Rosa $150 million upfront. Monte Rosa is eligible to receive up to $2.1 billion in milestone payments.
- Monte Rosa remains responsible for completion of the ongoing Phase 1 clinical study of MRT-6160.
Monte Rosa Therapeutics Inc GLUE stock is trading higher on Monday after the company announced a global exclusive development and commercialization license agreement with Novartis AG NVS to advance VAV1 MGDs, including MRT-6160.
MRT-6160 is currently in an ongoing Phase 1, single ascending dose (SAD)/multiple ascending dose (MAD) healthy volunteer study for immune-mediated conditions.
Under the terms of the agreement, Novartis will obtain exclusive worldwide rights to develop, manufacture, and commercialize MRT-6160 and other VAV1 MGDs and will be responsible for all clinical development and commercialization, starting with Phase 2 studies.
Novartis has agreed to pay Monte Rosa $150 million upfront. Monte Rosa is eligible to receive up to $2.1 billion in development, regulatory, and sales milestones, beginning upon initiation of Phase 2 studies, and tiered royalties on ex-U.S. net sales.
Monte Rosa will co-fund any Phase 3 clinical development and share any profits and losses associated with the manufacturing and commercialization of MRT-6160 in the U.S.
Monte Rosa remains responsible for completing the ongoing Phase 1 clinical study of MRT-6160.
In August, Monte Rosa Therapeutics dosed the first patient in the Phase 1 SAD/MAD study of MRT-6160. The company expects to obtain initial data from the Phase 1 study in the first quarter of 2025.
MRT-6160 is a potent, highly selective, and orally bioavailable investigational degrader of VAV1, a key signaling protein downstream of both the T- and B-cell receptors.
Preclinical studies have demonstrated deep degradation of VAV1, resulting in a significant decrease in cytokines linked to immune-mediated conditions, with no detectable effects on other proteins.
MRT-6160 has shown activity in preclinical models of multiple immune-mediated conditions.
Monte Rosa plans to provide further information regarding its updated cash position and runway in its third quarter 2024 earnings update.
Price Action: GLUE stock is up 30.1% at $6.35 during the premarket session at last check Monday.
Photo via Shutterstock
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
