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Nuvelo Shares Soar on Bayer PartnershipThursday January 5, 11:32 am ET
Nuvelo Shares Jump to 52-Week High on Drug Collaboration With Bayer
NEW YORK (AP) -- Nuvelo Inc. shares surged to a 52-week high Thursday after the biotech drug developer signed on Bayer AG as a partner for its experimental blood clot treatment.
The German drug company agreed to pay Nuvelo up to $385 million for selling rights outside the United States -- $50 million up front, along with up to $335 million as certain development and sales benchmarks are reached.
Nuvelo will also receive royalties of up to 37.5 percent on Bayer's sales.
Nuvelo shares surged about 42 percent to $12.77 in Nasdaq morning trading, before settling around $12.40 more recently. The trading volume was 5.8 million, compared with the daily average of 304,244.
The stock's previous 52-week high was $10.35 in September.
The drug at the center of the deal -- alfimeprase -- works by degrading fibrin, a protein involved in the formation of blood clots. Nuvelo's lead drug candidate, it is in late-stage trials testing it as a treatment for certain blood clots in the legs and for catheter obstruction.
The companies said they also plan to develop the drug for stroke and another type of clot called a deep vein thrombosis. Bayer agreed to take on 40 percent of the costs for global development of the drug.
San Carlos, Calif.-based Nuvelo predicted that it will receive $90 million from the partnership this year, including the upfront payment.
Nuvelo Shares Jump to 52-Week High on Drug Collaboration With Bayer
NEW YORK (AP) -- Nuvelo Inc. shares surged to a 52-week high Thursday after the biotech drug developer signed on Bayer AG as a partner for its experimental blood clot treatment.
The German drug company agreed to pay Nuvelo up to $385 million for selling rights outside the United States -- $50 million up front, along with up to $335 million as certain development and sales benchmarks are reached.
Nuvelo will also receive royalties of up to 37.5 percent on Bayer's sales.
Nuvelo shares surged about 42 percent to $12.77 in Nasdaq morning trading, before settling around $12.40 more recently. The trading volume was 5.8 million, compared with the daily average of 304,244.
The stock's previous 52-week high was $10.35 in September.
The drug at the center of the deal -- alfimeprase -- works by degrading fibrin, a protein involved in the formation of blood clots. Nuvelo's lead drug candidate, it is in late-stage trials testing it as a treatment for certain blood clots in the legs and for catheter obstruction.
The companies said they also plan to develop the drug for stroke and another type of clot called a deep vein thrombosis. Bayer agreed to take on 40 percent of the costs for global development of the drug.
San Carlos, Calif.-based Nuvelo predicted that it will receive $90 million from the partnership this year, including the upfront payment.
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