By Ben Glickman
Shares of Xeris Biopharma rose Wednesday after the company reached a license agreement with Amgen involving its XeriJect technology.
The stock was up 12% to $2.67 in morning trading. Shares have more than doubled in the last year.
Amgen shares were roughly flat in morning trading.
Chicago-based Xeris said Wednesday morning that Amgen would develop, manufacture and commercialize a subcutaneous formulation of teprotumumab to treat Thyroid Eye Disease.
Under the exclusive worldwide license deal, the new formulation will use Xeris' XeriJect technology.
Xeris may get up to $75 million in development and regulatory milestones, as well as sales-based milestones and "escalating single-digit royalties."
Amgen owns teprotumumab, which goes by brand name Tepezza, after closing its $27.8 billion acquisition of Horizon Therapeutics.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
01-10-24 0957ET