Rallybio (NASDAQ:RLYB) stock is rocketing higher on Thursday after announcing a collaboration with Johnson & Johnson (NYSE:JNJ).
Rallybio is receiving support from Johnson & Johnson for the development of its fetal and neonatal alloimmune thrombocytopenia (FNAIT) therapies. The clinical-stage biotechnology company is developing RLYB212 for this purpose. It is preparing for a Phase 2 study in the second half of 2024.
Johnson & Johnson will provide Rallybio with funding to “raise awareness” of its FNAIT clinical program alongside Rallybio’s “ongoing FNAIT natural history study.” This agreement also includes the ability for Rallybio to receive additional payments.
Johnson & Johnson is also supporting Rallybio with an equity investment in the company. That has it spending $6.6 million on this investment.
Rallybio CEO Stephen Uden said the following about the collaboration:
“Together, we can more effectively and expeditiously drive awareness of FNAIT, emphasize the importance of screening pregnant individuals for their risk of developing FNAIT, and advance our complementary therapeutic approaches.”
RLYB Stock Movement Today
RLYB stock is experiencing heavy trading alongside this collaboration news. That has more than 12 million shares traded as of this writing. This is well above its daily average trading volume of about 238,000 shares.
RLYB stock is up 93.3% as of Thursday 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.
