Xeris Biopharma (NASDAQ:XERS) stock is heading higher on Wednesday after the company announced an exclusive worldwide license agreement with Amgen (NASDAQ:AMGN).
That agreement allows Amgen to develop, manufacture and commercialize a “subcutaneous formulation of teprotumumab,” known as TEPEZZA in the United States. This will be done with Xeris’ XeriJect technology for Thyroid Eye Disease.
This license agreement includes up to $75 million in development and regulatory milestone payments for Xeris Biopharma. It also covers sales-based milestones and rising single-digit royalties for sales of TEPEZZA using XeriJect.
Paul R. Edick, Chairman and CEO of Xeris Biopharma, said the following about the licensing deal:
“This agreement to license XeriJect further validates the potential value of our technology to enable large molecule subcutaneous injections that provide a more patient friendly regimen that is effective, safe, and more convenient, with potential for improved adherence.”
How This Affects XERS Stock Today
News of the agreement between Xeris Biopharma and Amgen brings with it heavy trading for XERS stock. As of this writing, more than 5.8 million shares have changed hands. That’s a massive leap compared to its daily average trading volume of about 1.5 million shares.
XERS stock is up 11.6% as of Wednesday morning.
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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.
