ProQR Therapeutics Shares Rise 29% After Research Deal With Lilly

By Chris Wack

ProQR Therapeutics N.V. shares were up 29% to $8.76 after the company said it entered into a global licensing and research collaboration with Eli Lilly & Co. focused on the discovery, development and commercialization of potential new medicines for genetic disorders in the liver and nervous system.

The companies will use ProQR's Axiomer RNA editing platform to progress new drug targets toward clinical development and commercialization.

ProQR said its Axiomer platform technology enables the editing of single nucleotides in RNA in a highly targeted and specific manner. The technology is based on editing oligonucleotides designed to recruit endogenous ADAR enzymes to a selected target adenosine in a disease associated RNA.

The companies will collaborate to develop up to five targets. Under the terms of the agreement, ProQR will receive $50 million, consisting of an upfront payment of $20 million, as well as an equity investment in its ordinary shares of $30 million. ProQR also is eligible to receive up to $1.25 billion for development, regulatory and commercialization milestones, as well as tiered royalties of up to mid-single digit percentage on product sales.

Write to Chris Wack at [e-mail]

(END) Dow Jones Newswires

September 09, 2021 11:05 ET (15:05 GMT)

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