Analyst Ling Wang noted that the agreement is for developing a sustained release formulation of aflibercept for the treatment of wet age-related macular degeneration. Ocular Therapeutix stands to gain $10 million from Regeneron upon exercising the option along with milestone payments of up to $350 million and royalties on potential future product sales.
BTIG sees the deal terms as favorable, given the potential for large upside with a back-end loaded structure.
BTIG has a Buy rating and a $18 price target on the shares of Ocular Therapeutix.
At the time of writing, shares of Ocular Therapeutix were up 15.37 percent at $7.28, and those of Regeneron were up 1.19 percent at $377.90.
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