Vertex Pharmaceuticals Inc VRTX:NASDAQ

Last Price$176.37NASDAQ Closing Price as of 4:15PM ET 7/15/19
NASDAQ 15-minute delayed Bid/Ask Quotes
Today's Change+0.58(0.33%)
Bid (Size)$151.80 (1)
Ask (Size)$176.37 (1)
Day Low / High$174.70 - 178.08
Volume1.1 M

Vertex Pharmaceuticals Expands Collaboration with CRISPR, Buys Exonics Therapeutics

11:00PM ET 6/06/2019 MT Newswires
Vertex Pharmaceuticals (VRTX) said it expanded its collaboration with CRISPR Therapeutics (CRSP) and acquired Exonics Therapeutics to enhance its gene editing capabilities to develop novel therapies for Duchenne Muscular Dystrophy (DMD) and Myotonic Dystrophy Type 1.

In said entered into an exclusive licensing agreement with CRISPR to discover and develop gene editing therapies for the treatment of DMD and DM1. Vertex will pay $175 million upfront for the exclusive worldwide rights to CRISPR Therapeutics' existing and future intellectual property including foundational CRISPR/Cas9 technology, novel endonucleases, single and double cut guide RNAs, and AAV vectors for DMD and DM1 gene editing products.

CRISPR Therapeutics also is eligible to receive payments of up to $1 billion inclusive of the upfront and potential future payments based upon the successful achievement of specified research, development, regulatory, and commercial milestones for the DMD and DM1 programs. In addition, Vertex will pay tiered royalties on future net sales on any products that may result from this collaboration. At IND filing, CRISPR has the option to forego the DM1 milestones and royalties to co-develop and co-commercialize all DM1 products globally.

The deal with CRISPR is seen closing in Q3.

Separately, it said it bought Exonics for approximately $1 billion, including $245 million upfront and potential future payments based primarily upon the successful achievement of specified development and regulatory milestones for the DMD and DM1 programs. The deal is seen closing in Q3.

Price: 167.75, Change: 0.00, Percent Change: 0.00