Astria Therapeutics recently announced a significant licensing deal for a potential treatment of atopic dermatitis, leading to a rise in the company’s shares. In after-hours trading, the stock surged by 8.9% to reach $6.99. This increase comes after a slight drop of 4.2% at Wednesday’s close. Unfortunately, shares have experienced a significant 57% decrease throughout this year.
Under the terms of the agreement, Astria will pay Ichnos Sciences an upfront payment of $15 million for the OX40 portfolio. The Boston-based biopharmaceutical company plans to focus on developing the portfolio’s lead candidate, STAR-0310, and aims to submit an investigational new drug application by the end of 2024.
Furthermore, Ichnos could potentially receive up to $305 million in payments based on certain milestones in the development process. Additionally, they may also be eligible for royalties from sales of licensed products.
Although STAR-0310 is currently in the preclinical stage, it shows promise in its ability to treat not only atopic dermatitis but also other allergic and immunological diseases.
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