Shares of Xeris Biopharma Holdings, Inc. (XERS) are up 12% on Wednesday after the company announced that it has entered into an exclusive worldwide license agreement with Amgen to develop, manufacture, and commercialize a subcutaneous formulation of teprotumumab, also known as TEPEZZA.
XERS is trading on the Nasdaq at $2.71, up 12.44% or $0.30 per share. It has traded between $1.06 and $3.07 in the past 52-week period.
This formulation will use Xeris' XeriJect technology and will be specifically targeted towards treating Thyroid Eye Disease (TED), which is a rare autoimmune disease that is serious, progressive, and potentially vision-threatening.
The License Agreement between the two companies is set to be beneficial for Xeris as it has the potential to receive $75 million in development and regulatory milestones, along with sales-based milestones.
Additionally, Xeris will be receiving escalating single-digit royalties based on future sales of TEPEZZA using the XeriJect technology.
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