Verve Therapeutics (NASDAQ: VRV) stock saw a significant rise of 24% to $11.69 on Tuesday, following the announcement of an expanded partnership with pharmaceutical giant Eli Lilly (NYSE:LLY). This comes despite a previous 68% drop from a 52-week low of $8.52.
In the expanded collaboration, Eli Lilly has secured rights for Verve's PCSK9 and ANGPTL3 gene-editing programs, which include products such as VERVE-101, VERVE-102, and VERVE-201. These products are designed to decrease low-density lipoprotein cholesterol in patients at risk for atherosclerotic cardiovascular disease.
Under the new agreement, Lilly will share 33% of global development costs and jointly commercialize in the U.S., under a 50/50 profit and expense sharing agreement. Verve retains all product rights outside the U.S., and will also oversee the development and commercialization of all collaboration products.
The two companies established an exclusive research partnership earlier this year in June, focusing on Verve's preclinical stage in vivo gene-editing program targeting lipoprotein. The recent expansion of their collaboration signifies a deepening relationship between the two firms, with potential benefits for both parties in terms of shared resources and increased market reach.
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