Mersana Therapeutics ( MRSN ) stock rose +36% on Aug. 9 following a collaboration agreement with GSK ( GSK ) for XMT-2056.
Under the agreement, Mersana granted GSK exclusive option to co-develop and commercialize XMT-2056, an antibody-drug conjugate for use against tumors.
Mersana will receive an upfront option purchase fee of $100M and is also eligible to receive up to $1.36B as an option exercise payment in development, regulatory and commercial milestones, if GSK exercises the option.
Mersana has retained options to profit-share and to co-promote in the U.S. If Mersana exercises the profit-share option, it will be eligible to receive royalties on net sales outside the U.S. and if it does not elect it is eligible to receive double-digit tiered royalties on global net sales.
Mersana expects to start a phase 1 trial of XMT-2056 to evaluate the drug's potential in a range of HER2-expressing tumors such as breast, gastric and non-small-cell lung cancers.
Mersana Q2 results :
Collaboration revenue grew to $4.28M, compared to $11K in Q2 2021, beating estimates . The company said the the increase was due to a recent collaboration agreement with Johnson & Johnson.
Q2 Net loss widened to -$52.22M, compared to -$40.91M in the prior year period.
Research and development expenses increased to $41.23M, compared to $31.96M in Q2 2021.
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Mersana stock soars 36% on license deal with GSK; Q2 revenue surpasses estimates