Monte Rosa soars as it inks global license deal with Novartis
Shares of US clinical-stage developer of molecular glue degrader (MGD)-based medicines Monte Rosa Therapeutics (Nasdaq: GLUE) rocketed up more than 60% to $7.84 by mid-morning, as the company announced a global exclusive development and commercialization license agreement with Novartis (NOVN: VX).
The plan is to advance VAV1 MGDs, including MRT-6160, which is currently in an ongoing Phase I, single ascending dose (SAD)/multiple ascending dose (MAD) healthy volunteer study for immune-mediated conditions.
Novartis will obtain exclusive worldwide rights to develop, manufacture and commercialize MRT-6160 and other VAV1 MGDs and will be responsible for all clinical development and commercialization, starting with Phase II clinical studies. Monte Rosa remains responsible for completion of the ongoing Phase I clinical study of MRT-6160.
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