By Ben Glickman

Shares of Xeris Biopharma rose Wednesday after the company reached a license agreement with Amgen involving its XeriJect technology.

The stock was up 12% to $2.67 in morning trading. Shares have more than doubled in the last year.

Amgen shares were roughly flat in morning trading.

Chicago-based Xeris said Wednesday morning that Amgen would develop, manufacture and commercialize a subcutaneous formulation of teprotumumab to treat Thyroid Eye Disease.

Under the exclusive worldwide license deal, the new formulation will use Xeris' XeriJect technology.

Xeris may get up to $75 million in development and regulatory milestones, as well as sales-based milestones and "escalating single-digit royalties."

Amgen owns teprotumumab, which goes by brand name Tepezza, after closing its $27.8 billion acquisition of Horizon Therapeutics.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

January 10, 2024 09:57 ET (14:57 GMT)

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