BioArctic AB (ST:BIOAb) shares jumped on Tuesday after the company said it signed an option, collaboration and license agreement with Novartis to apply its BrainTransporter technology to a neurodegeneration target that has not been disclosed.
The Stockholm-based company said it will receive an upfront payment of $30 million under the deal. If Novartis chooses to exercise its option to license a drug candidate from the collaboration, BioArctic could receive up to $772 million in milestone payments.
The agreement also includes tiered mid-single-digit royalties on any future global product sales. Novartis will hold full responsibility for worldwide development and commercialization of the drug candidate .
The agreement is the third involving BioArctic’s BrainTransporter platform. Earlier deals included a research evaluation agreement with Eisai for BAN2802 and a global license agreement with Bristol Myers Squibb for BioArctic’s PyroGlutamate-amyloid-beta antibody program, where BAN2803 uses the technology. BioArctic said it continues to retain rights to the platform for additional collaborations.
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