Shares in Translate Bio in huge jump after Sanofi deal news
Translate Bio (Nasdaq: TBIO), the messenger RNA (mRNA) company, was trading up to 76% higher in pre-market activity on Tuesday.
The US biotech had just announced that it was expanding its existing 2018 collaboration and license agreement with French pharma major Sanofi (Euronext: SAN) to develop mRNA vaccines across all infectious disease areas.
Translate Bio will receive $425 million in an upfront payment and common stock equity investment, and overall is eligible to receive up to $1.9 billion of potential milestone payments, as well as tiered royalties on worldwide sales of developed vaccines.
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