Eli Lilly and Company (NYSE: LLY) and Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) announced a license agreement to co-develop Rigel's R552, a receptor-interacting serine/threonine-protein kinase 1 (RIPK1) inhibitor, for all indications including autoimmune and inflammatory diseases. Lilly will pay an upfront cash payment to Rigel of $125m. Lilly and Rigel will co-develop R552, while Lilly will be responsible for all costs of global commercialization for R552, and Rigel will have the right to co-commercialize R552 in the U.S. Rigel may also be eligible to receive up to $835m in potential development, regulatory, and commercial milestone payments, as well as tiered royalties ranging from the mid-single digit to high-teens. Shares of Rigel closed up 5% to $4.76 after trading up as high as $5.49 early in the session.
Immunome, Inc. (NASDAQ:IMNM) shares closed up 76% to $39.01 following a press release issued where it noted it has isolated antibodies capable of neutralizing several SARS-CoV-2 variants, including the South African Variant (B.1.351), in pseudovirus testing. It should be noted that its antibody cocktail (IMM-BCP-001) is yet to commence clinical trials, with the company guiding late last year that it intends to file an Investigational New Drug (IND) Application during the first half of 2021, seeking approval from the FDA to initiate such trials.
Vistagen Therapeutics (NASDAQ:VTGN) shares closed up 20% to $2.48. Analysts from Jefferies initiated coverage of the stock with a Buy rating and a price target of $6.
Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) shares closed up 14% to $4.06. Analysts at Maxim upgraded their rating from Hold to Buy with a price target of $11.
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Major price movers (stocks priced > $1.00, volume > 50k listed on NASDAQ/NYSE):
Refer to the BioPharmCatalyst Biotech Stocks page for Top 10 Gainers/Losers/Unusual Volume:
ADVANCERS:
Onconova Therapeutics, Inc. (ONTX): $1.76; +17%.
Pharvaris B.V. (PHVS): $30.74; +16%.
Jaguar Health, Inc. (JAGX): $3.16; +14%.
Histogen Inc. (HSTO): $1.69; +13%.
CorMedix Inc. (CRMD): $16.25; +13%.
DECLINERS:
Immunic, Inc. (IMUX): $16.58; -18%.
Alector, Inc. (ALEC): $17.48; -16%.
GeoVax Labs, Inc. (GOVX): $7.16; -15%.
Advaxis, Inc. (ADXS): $1.20; -15%.
Metacrine, Inc. (MTCR): $9.19; -15%.
Pipeline updates below: