PRQR - Eli Lilly sends ProQR 35% higher after expanding RNA editing deal

• Dutch biotech ProQR Therapeutics N.V. ( NASDAQ: PRQR ) added ~35% pre-market Thursday in reaction to an agreement with Eli Lilly ( NYSE: LLY ) to expand the partnership for RNA-editing-based genetic medicines.
• The deal, first announced in September 2021, was designed to target the liver and nervous system disorders using ProQR's ( PRQR ) Axiomer RNA editing platform. Under the expanded partnership, Lilly ( LLY ) will access the targets in the central nervous system and peripheral nervous system using the Axiomer platform.
• Per the terms, ProQR ( PRQR ) will receive $75M up front in addition to equity investment, while Lilly ( LLY ) will be able to expand the partnership further using an option exercise for $50M.
• The expansion to the deal raises the payments to ProQR ( PRQR ) for up to $3.75B in the form of R&D and commercial milestones as well as royalties on product sales worth up to a mid-single-digit percentage.
• Under the initial agreement between the two companies, ProQR ( PRQR ) was eligible to receive up to about $1.25B in such payments.

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