Why Albireo Pharma (ALBO) Stock Is Trading Higher Today

Albireo Pharma Inc ALBO entered into a royalty monetization agreement with Sagard Healthcare Partners for $115 million in return for a mid-single digit average royalty rate on Bylvay global annual net revenues.
Bylvay (odevixibat) is the first drug approved in the U.S. for pruritus in patients three months and older in all progressive familial intrahepatic cholestasis (PFIC).
In the U.S. and Europe, Bylvay has orphan exclusivity for its approved PFIC indications and orphan designations for Alagille syndrome, biliary atresia, and primary biliary cholangitis.
Bylvay is being evaluated in PEDFIC 2 open-label trial in patients with PFIC, in the BOLD Phase 3 study for biliary atresia, and in the ASSERT Phase 3 study for ALGS.
"With this agreement, we are significantly strengthening our balance sheet, providing us flexibility, and extending our cash runway beyond at least the topline data readout of our BOLD study in biliary atresia in 2024," said Ron Cooper, President and Chief Executive Officer of Albireo.
"These additional resources allow us to build Bylvay into a billion-dollar product and advance the development of our early asset pipeline."
Last year, Albireo sold its Priority Review Voucher (PRV) related to Bylvay, for $105 million.
Price Action: ALBO shares are up 14.90% at $19.94 on the last check Thursday.

Why Albireo Pharma Shares Moving Higher Today?