Rhythm Pharmaceuticals Inc RYTM:NASDAQ

Last Price$3.27NASDAQ Previous Close - Last Trade as of 4:00PM ET 5/20/22

Today's Change+0.15(4.81%)
Bid (Size)$3.15 (2)
Ask (Size)$3.28 (71)
Day Low / High$3.04 - 3.28
Volume483.5 K

Rhythm Pharmaceuticals Agrees to License Development, Commercialization of Obesity Drug to China's RareStone

9:47AM ET 12/06/2021 MT Newswires
Rhythm Pharmaceuticals (RYTM) said Monday it agreed to grant RareStone an exclusive license to develop and commercialize Imcivree as a potential treatment for obesity and hyperphagia, or extreme hunger.

Under the terms, RareStone will seek local approvals to commercialize Imcivree in China, including mainland China, Hong Kong, and Macau. It will also fund efforts to identify and enroll patients from China in Rhythm's Emanate phase 3 trial.

Rhythm will receive $7 million in an up-front payment and $5 million in shares. It will also be eligible to get development and commercialization milestones of up to $63.5 million, as well as tiered royalty payments on annual net sales.

Shares in the Massachusetts-based drugmaker were 1.5% lower in recent morning activity Monday.

Price: 8.82, Change: -0.01, Percent Change: -0.11