Syros Pharmaceuticals (NASDAQ:SYRS) news for Wednesday about plans for developing new drugs have SYRS stock flying high.
A Syros Pharmaceuticals news release reveals that the company wants to discover, develop and commercialize novel therapies for sickle cell disease (SCD) and beta thalassemia. It will taking up this effort through a collaboration with Global Blood Therapeutics (NASDAQ:GBT).
The agreement will have Syros Pharmaceuticals using its gene control platform to identify therapeutic targets and discover drugs that induce fetal hemoglobin. Following this, Global Blood Therapeutics will handle the developing, manufacturing and commercializing the drug.
Global Blood Therapeutics will hold an exclusive worldwide license for these actions. The agreement also nets Syros Pharmaceuticals an upfront payment of $20 million and three years of funding. There will also be milestone payments available.
Nancy Simonian, M.D., CEO of Syros Pharmaceuticals , says this about the SYRS stock news.
“We believe it is possible to provide a functional cure for patients with sickle cell disease or beta thalassemia by switching on the gamma globin gene with an oral medicine. Partnering with GBT, an established leader in sickle cell disease with proven research, development, manufacturing and commercialization capabilities, allows us to expand and accelerate our program, exploring multiple approaches in parallel with the aim of bringing much-needed new therapies to market for patients with sickle cell disease and beta thalassemia as quickly as possible.”
SYRS stock was up 16.23% and GBT stock was down 3.02% as of Wednesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.