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Stock Alert: Precision BioSciences Up 10% On R&D Alliance With Eli Lilly

Precision BioSciences, Inc. (DTIL) shares are gaining more than 10 percent on Friday morning, as the company announced a research collaboration and exclusive license agreement with Eli Lilly and Co. (LLY).

As per the agreement, Precision's proprietary ARCUS genome editing platform will be utilised for potential in vivo therapies for genetic disorders, with an initial focus on Duchenne muscular dystrophy and two other undisclosed gene targets. Precision will receive an upfront cash payment of $100 million, and an equity investment by Lilly of $35 million. Precision is also eligible to receive up to $420 million as milestones payment.

Currently Precision shares are trading at $10.65, up 10.02 percent from the previous close of $9.68 on 771,351. For the 52-week period, the shares have traded in a range of $4.45 to $23.67 on average volume of 641,216.

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