By Ben Glickman

Shares of Nurix Therapeutics rose Tuesday after the company said it had extended its strategic collaboration with Sanofi.

The stock was up 19% to $16.42 in afternoon trading, reaching its highest intraday level since September 2022. Shares have risen about 55% since the start of the year.

The biopharmaceutical company said that it and Sanofi are looking to nominate a development candidate from the program within the first year of the extended term.

The research program is studying STAT6, a key drug target for certain types of inflammation. The program uses Nurix's platform to identify new compounds that use certain enzymes to affect drug targets.

Under the agreement between the two companies, Sanofi has an option to license drug candidates resulting from the collaboration. Nurix has the option to co-develop and co-promote future products in the U.S. for certain programs.

The deal has been in place since December 2019.

Nurix also on Tuesday said it had presented its findings of clinical responses in the brain for one of its drug candidates, NX-5948, at a conference. Chief Scientific Officer Gwenn Hansen said in a statement that the results suggested a potential role for the compound in the treatment of B-cell lymphomas and some forms of lymphocytic leukemia.

Write to Ben Glickman at

(END) Dow Jones Newswires

04-09-24 1357ET