Repare Therapeutics Inc. (RPTX) on Wednesday said it has reached an agreement with Gilead Sciences, Inc. to transfer its Pol? ATPase inhibitor, RP-3467, in a deal worth up to $30 million. Following the announcement, the company's shares rose more than 20% in pre-market trading.
The consideration includes a $25 million upfront payment and an additional $5 million payment upon completion of specified technology transfer activities.
RP-3467 is currently being evaluated in a Phase 1 study, both as a monotherapy and in combination with olaparib, in adults with various cancer types, including epithelial ovarian cancer, breast cancer, prostate cancer, and pancreatic adenocarcinoma.
In November, Repare said it had agreed to be acquired by XenoTherapeutics, Inc. and Xeno Acquisition Corp. in a deal that provides for a cash payment per share based on Repare's cash balance at closing. After the upfront payment from Gilead raised that balance, Repare now expects shareholders to receive about $2.20 per share.
On Tuesday, Repare Therapeutics shares closed at $2.17, down 2.25%.
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