US biotech firm Loxo Oncology (Nasdaq: LOXO) got a major boost this morning, when it was announced that it had entered into development and commercialization deal that could earn it as much as $1.55 billion.
However, market reaction was negative, with Loxo shares down 5.08% at $79.00 in pre-market trading as investors balance these payments with Loxo deciding to give up full US rights to sales from its lead medicine, commented Forbes, adding that the company's shares are up 170% this year.
German pharma major Bayer (BAYN: DE) has entered into an exclusive global collaboration with Loxo for the development and commercialization of larotrectinib (LOXO-101) and LOXO-195. Both compounds are being investigated in global studies for the treatment of patients with cancers harboring tropomyosin receptor kinase (TRK) gene fusions, which are genetic alterations across a wide range of tumors resulting in uncontrolled TRK signaling and tumor growth.
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