By Ben Glickman
Shares of Astria Therapeutics rose after the company secured a licensing deal for a potential treatment of atopic dermatitis.
The stock was up 8.9% to $6.99 in after-hours trading, following a 4.2% drop at Wednesday’s close. Shares have fallen 57% this year.
The Boston-based biopharmaceutical company said it would pay $15 million up front to Ichnos Sciences for an OX40 portfolio. Astria said it would look to develop the portfolio’s lead candidate, STAR-0310, and was eyeing an investigational new drug application by the end of 2024.
Ichnos will be eligible for up to $305 million in payments based on development milestones, and may also receive royalties based on sales of licensed products.
STAR-0310, which is currently a preclinical-stage program, may be used to treat atopic dermatitis and other allergic and immunological diseases.
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