- The stock price of ProQR Therapeutics N.V. (NASDAQ: PRQR) increased from $6.36 to $6.81 (up 7.08%) pre-market. This is why it happened.
The stock price of ProQR Therapeutics N.V. (NASDAQ: PRQR) – a company dedicated to changing lives through the creation of transformative RNA therapies for genetic eye diseases – increased from $6.36 to $6.81 (up 7.08%) pre-market. Investors are responding positively to RTW Investments, LP (a global, full life-cycle investment firm that focuses on identifying transformational and disruptive innovations across the biopharmaceutical and medical technologies sectors) and ProQR Therapeutics N.V. (Nasdaq: PRQR) announcing today that Yarrow Biotechnology – a company newly created by RTW – has in-licensed exclusive rights to ProQR’s antisense oligonucleotide technology (ASO) to develop and commercialize potential therapies for an undisclosed non-ophthalmic target. Yarrow is focused on developing ASO-based therapeutics for disorders with high unmet need.
Under the terms of the agreement, ProQR is eligible for receiving up to $115 million of upfront and milestone payments, plus single digit percentage royalties on the net sales of any resulting products during the royalty term. And ProQR will also have the right to receive an undisclosed percentage of equity in the form of shares of common stock of Yarrow. ProQR is going to be responsible for certain preclinical activities with reimbursement for the research costs by Yarrow, while Yarrow will be responsible for continuing development of the program and commercialization activities.
Gerard Platenburg, Chief Innovation Officer at ProQR, will be joining Yarrow’s board of directors.
“We believe RNA-based therapies hold great promise to treat genetically-defined diseases. We are excited to partner with ProQR to in-license the first target to be developed in Yarrow’s pipeline.”
— Roderick Wong, MD, Managing Partner and Chief Investment Officer of RTW
“Our partnership with ProQR fits perfectly into Yarrow’s mission to develop first-in-class ASO-based therapies for genetically-defined diseases. We look forward to a long and productive partnership.”
— Peter Fong, PhD, Head of Company Creation at RTW
“As we focus ProQR on our core genetic eye disease strategy, we are pleased to partner with Yarrow to advance our technology in applications outside the eye, while generating value from this partnership and the broad applicability of our platform.”
— Daniel A. De Boer, Founder and CEO of ProQR
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.