Spero Therapeutics Stock Surges On $40M Equity Funding, SPR206 Licensing Pact With Pfizer

  • Spero Therapeutics Inc SPRO announced that Pfizer Inc PFE would contribute $40 million to the company through its Breakthrough Growth Initiative focusing on advancing patient care.
  • Pfizer acquired around 2.4 million SPRO shares at $16.93 per share.
  • Spero will use the proceeds to prepare for potential approval and launch of tebipenem HBr, continue the clinical development of both SPR720 and SPR206.
  • The two parties have also entered into a licensing agreement for SPRO’s polymyxin product candidate SPR206 for treating severe multi-drug resistant (MDR) Gram-negative infections in hospitals.
  • Spero has granted Pfizer the rights to develop, manufacture, and commercialize SPR206 in ex-U.S. and ex-Asia territories.
  • These rights entitle SPRO to up to $80 million in milestones and royalties on SPR206 net sales in these territories, ranging from high single digits to low double digits.
  • Spero believes that the net proceeds from the newly announced equity investment will extend its cash runway into the second half of 2022.
  • Price Action: SPRO shares are up 26.4% at $17.65 during the premarket session on the last check Thursday, while PFE stock closed at $39.16 on Wednesday.
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