DURECT Corporation (DRRX) announced an agreement with Gilead Sciences, Inc. (GILD) for a Long-Acting Injectable HIV Investigational Product using the company's SABER® technology. This is an unexpected bonus for shareholders that resulted in a 34% increase in the stock price on Monday, helping to offset a downtrend and flatline that has plagued the stock over the past year.
What makes this deal so great for DRRX shareholders?
DRRX receives the following in this agreement:
- $25 million upfront payment
- Up to $75 million in development and regulatory milestones
- $70