By Sabela Ojea
Shares of Quince Therapeutics rose 21% to $1.91 in premarket trading after the biotechnology company said it is buying EryDel SpA.
The company said the deal targets EryDel SpA’s phase-3 EryDex treatment for Ataxia-telangiectasia, a rare and genetic pediatric condition that affects the nervous and immune system.
EryDex demonstrated a significant delay in disease progression in patients, Quince Therapeutics said, noting that a drug to treat Ataxia-telangiectasia has an estimated sales potential of over $1 billion.
EryDel stockholders will own about 16.7% of the combined company and will be entitled to up to $485 million on the achievement of milestone payments, with no royalties, once the transaction has been completed.
Write to Sabela Ojea at [email protected]; @sabelaojeaguix
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