PHAS - PhaseBio shares surge after inking exclusive license agreement for bentracimab

PhaseBio Pharmaceuticals (PHAS) has entered into an exclusive licensing agreement with Alfasigma S.p.A for the commercialization of bentracimab.Shares up more than 20% premarket.Under the terms of the license agreement, PhaseBio will receive a $20M upfront payment and will be eligible to receive up to $225M in milestone payments. It will also receive tiered royalties on net sales, with percentages starting in the low double digits and escalating up to the mid-twenties.Bentracimab is a novel, human monoclonal antibody fragment that in earlier clinical trials has shown immediate and sustained reversal of the antiplatelet effects of Brilinta/Brilique (ticagrelor).The agreement covers countries in the European Union and European Economic Area, as well as the United Kingdom, Russia, Ukraine and other countries within the Commonwealth of Independent States.

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PhaseBio shares surge after inking exclusive license agreement for bentracimab