Omega Therapeutics (NASDAQ:OMGA) stock is rising higher on Thursday after the company announced a research collaboration agreement with Novo Nordisk (NYSE:NVO).
The collaboration between the two companies will focus on developing an obesity management treatment. This will use Omega Therapeutics’ proprietary platform technology to create an epigenomic controller with the goal of enhancing metabolic activity.
Novo Nordisk will reimburse Omega Therapeutics for its research costs. It will also pay the company up to $532 million in upfront, development and commercial milestone payments. Omega Therapeutics will also be eligible to receive tiered royalties on annual net sales if the product is commercialized.
Omega Therapeutics president and CEO Mahesh Karande said the following about the news:
“By leveraging Novo Nordisk’s deep expertise in the space and our OMEGA platform, we have the opportunity to tap into the body’s natural processes that control metabolic activity and potentially develop an alternative, more durable approach to obesity management.”
How This Affects OMGA Stock Today
With today’s announcement comes heavy trading of Omega Therapeutics’ shares. That has nearly 9 million units on the move as of this writing. This is a massive surge in trading volume compared to the company’s daily average of about 248,000 shares.
OMGA stock is up 111% as of Thursday morning.
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On the date of publication, William White did not have (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.
