By Stephen Nakrosis

 

Precision BioSciences Inc. shares rose Wednesday after the gene editing company entered an exclusive worldwide in vivo gene editing research and development collaboration and license agreement with Novartis Pharma AG.

Precision Biosciences said it would collaborate with Novartis AG to develop potentially curative treatment for disorders including sickle cell disease.

Precision will receive $75 million upfront, with the potential to receive another $1.4 billion in future payments, the company said.

At 11:20 a.m. ET, shares of Precision Biosciences were trading 11.2% higher at $1.54 a share. Volume at the time topped 26.8 million shares, above the stock's 65-day average volume of 929,507 shares.

 

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

 

(END) Dow Jones Newswires

June 22, 2022 11:42 ET (15:42 GMT)

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