Why Neurobo Pharmaceuticals Shares Are Skyrocketing

Neurobo Pharmaceuticals Inc NRBO shares are trading higher by 53.74% to $25.92 Thursday morning after the company announced Dong-A has licensed its global exclusive development rights of DA-1241 for type 2 diabetes and non-alcoholic fatty hepatitis and DA-1726 for obesity and non-alcoholic fatty hepatitis to NeuroBo.

"We are highly enthusiastic about this opportunity to accelerate development of our novel treatments in partnership with NeuroBo. Dong-A plans to continue to strengthen its R&D capability and to seek additional collaboration opportunities to establish ourselves in the US market", said Min Young Kim, Chief Executive Officer of Dong-A.

The license agreement has been approved by the board of directors of NeuroBo.

The transaction is expected to close in the third quarter of 2022, subject to obtaining third party financing for development of the assets and other customary closing conditions.

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According to data from Benzinga Pro, Neurobo Pharmaceuticals has a 52-week high of $128.68 and a 52-week low of $7.40.