Sangamo enters option deal with Lilly unit
Market reaction to genetic medicines developer Sangamo Therapeutics (Nasdaq: SGMO) announcement of an evaluation and option agreement with Prevail Therapeutics, a wholly-owned subsidiary of Eli Lilly (NYSE: LLY), was positive pre-market, with its shares rising 9.2% to $1.41.
Prevail has been granted rights to evaluate certain proprietary adeno-associated virus (AAV) capsids developed by Sangamo, with an option to license these capsids for multiple undisclosed neurological targets.
This is the third collaborations that has been announced this year by gene therapy company Prevail, which Lilly acquired for $1 billion in 2020.
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