ORIC Pharmaceuticals (NASDAQ:ORIC) stock is rocketing higher after the company revealed a collaboration deal with Pfizer (NYSE:PFE).
The big news here is that ORIC Pharmaceuticals and Pfizer will work together on the development of ORIC-533. This is a treatment in development for multiple myeloma. Pfizer has agreed to help with a planned Phase 2 clinical trial of the treatment.
The study will be in combination with Pfizer’s own elranatamab. This is an investigational drug from the company in development to treat multiple myeloma as well. It acts as a “B-cell maturation antigen.”
To go along with that assistance, Pfizer is also making an investment in ORIC Pharmaceuticals. This has the company acquiring 5.37 million shares of ORIC stock for $4.65 per share, marking a total value of $25 million.
Changes at ORIC Pharmaceuticals After the Deal
Following Pfizer’s investment in ORIC stock, the company will gain a seat at ORIC Pharmaceuticals. This will see Jeff Settleman, Chief Scientific Officer at Pfizer, join ORIC Pharmaceutical’s Scientific Advisory Board.
ORIC CEO Jacob Chacko said the following about the news:
“Given Pfizer’s strong commitment, extensive capabilities and deep expertise in developing treatments for oncology, including elranatamab in multiple myeloma, we are proud to partner with them to develop a potential novel treatment regimen for patients with multiple myeloma.”
ORIC stock was up 57.7% and PFE stock was up slightly in pre-market trading on Thursday!
Investors seeking out more of the latest stock market news will want to keep reading!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.