RAPT Therapeutics stock rises following licensing deal with Jemincare

Investing.com -- Shares of RAPT Therapeutics (NASDAQ:RAPT ) surged higher on Monday after announcing an exclusive licensing agreement with Shanghai Jemincare Pharmaceutical (TADAWUL:2070 ).

The deal grants RAPT Therapeutics worldwide rights, excluding certain Asian territories, to develop and commercialize RPT904, a clinical-stage anti-immunoglobulin E (IgE) monoclonal antibody.

Under the terms of the agreement, RAPT will pay Jemincare a $35 million upfront license fee, with the potential for up to $672.5 million in additional milestone payments, as well as royalties on future sales outside of the Jemincare Territory.

This strategic partnership is aimed at developing RPT904 as a potentially superior treatment option to omalizumab, currently approved for various allergic disorders.

RAPT plans to initiate a Phase 2b clinical trial of RPT904 in food allergy by the second half of 2025, citing the significant market opportunity following omalizumab's recent approval for food allergy treatment.

Separately, RAPT Therapeutics also announced $150 million private placement on Monday. It is expected to close on or about December 27.

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Source: Investing.com