Mersana Therapeutics Surges 33% On Collaboration Deal With GSK

Shares of Mersana Therapeutics, Inc. (MRSN) are surging over 33% on Tuesday morning after the company announced a global collaboration that provides GSK an option to co-develop and commercialize cancer therapy.

MRSN is currently trading at $7.02, up $1.77 or 33.71%, on the Nasdaq, on a volume of 9.8 million shares, above average volume of 1.3 million. The stock opened its trading at $6.00 after closing Monday's trading at $5.25. The stock has traded between $2.68 and $14.80 in the past 52-week period.

Mersana announced a global collaboration that provides GSK plc (GSK) an exclusive option to co-develop and commercialize XMT-2056. Under the terms of the agreement, Mersana will receive an upfront option purchase fee of $100 million.

Mersana also is eligible to receive up to $1.36 billion in the form of an option exercise payment and development, regulatory and commercial milestone payments if GSK exercises its option.

Mersana has retained options to profit-share and to co-promote in the United States. If it exercises its profit-share option, Mersana will be eligible to receive tiered royalties on net sales outside of the United States. If Mersana does not elect to profit-share, it is eligible to receive double-digit tiered royalties on global net sales.

For comments and feedback contact: editorial@rttnews.com

Business News

Invest in the Best Pharma Stocks by Subscribing to RTT Biotech Investor.
Follow RTT