BRIEF—Repare Thera earns $40 million milestone

Shares of Canada-based clinical-stage precision cancer drugs developer Repare Therapeutics edged up 3% to $6.51, as it announced that, under its worldwide license and collaboration agreement with Roche for the development and commercialization of camonsertib, it has earned a $40 million milestone payment from the Swiss pharma giant upon dosing the first patient with camonsertib in Roche’s TAPISTRY trial.

TAPISTRY is a Phase II, global, multicenter, open-label, multi-cohort clinical trial designed to evaluate the safety and efficacy of targeted therapies or immunotherapy in participants with unresectable, locally advanced or metastatic solid tumors determined to harbor specific oncogenic genomic alterations.

Under the terms of its collaboration with Roche, Repare received a $125 million upfront payment in July 2022,as well as $13.6 million in additional payments, and is eligible to receive up to $1.2 billion in potential clinical, regulatory, commercial and sales milestone payments, and royalties on global net sales ranging from high-single-digits to high-teens.