Oct 5 (Reuters) - Swiss drugmaker Roche will pay up to $1.27 billion to license Alector's experimental treatment for Parkinson's disease, the US biotech said on Monday, sending its shares surging 72% in premarket trading.
Genentech, a unit of Roche, will pay Alector $100 million upfront and up to $1.17 billion more if the treatment reaches development, regulatory and sales targets. Alector is also eligible for royalties.
Here are some details:
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The agreement grants Genentech exclusive worldwide rights to develop, make and sell AL050, an experimental treatment designed to address a lack of an enzyme linked to Parkinson's disease
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Genentech will be responsible for development, regulatory submissions, manufacturing and commercialization of the treatment
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AL050 is an enzyme replacement therapy designed to address the deficiency of the GCase enzyme that leads to the buildup of certain fats and a higher risk of Parkinson's disease
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The deal is the latest in a series of licensing agreements by Roche as it works to expand its drug pipeline
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In June, Roche agreed a licensing and collaboration deal with Nurix Therapeutics worth up to $2.3 billion for a blood cancer drug
Reporting by Padmanabhan Ananthan in Bengaluru; Editing by Sahal Muhammed
Source: Reuters