US Stock Market Move | Reached agreement with Gilead Sciences, Inc. (GILD.US) to sell experimental anti-cancer assets, Repare Therapeutics (RPTX.US) shot up by about 20% in pre-market trading.

On Wednesday, the Canadian biotech company Repare Therapeutics (RPTX.US) surged by approximately 20% in pre-market trading. The company had previously announced that it had reached an agreement with Gilead Sciences, Inc. (GILD.US) to acquire their experimental anti-cancer therapy RP-3467, with a total transaction value of up to $30 million. According to the terms of the agreement, Repare will receive a maximum of $25 million in upfront payment from Gilead, and an additional up to $5 million in milestone payments upon completion of specific technology transfer-related matters. Repare stated that this upfront payment will impact the company's net cash position upon completion of the acquisition. As a result, under the framework of their previous acquisition agreement with XenoTherapeutics, the cash consideration per share of Repare stock to be received upon completion of the transaction will be increased to approximately $2.20. Previously, XenoTherapeutics had agreed to acquire Repare for $1.82 per share in cash. Currently, Repare is advancing the POLAR Phase I clinical trial of RP-3467, evaluating the safety and pharmacokinetic characteristics of this candidate drug when used in combination with olaparib in multiple tumors. Olaparib is a marketed anti-cancer drug sold jointly by Astrazeneca PLC Sponsored ADR (AZN.US) and Merck & Co., Inc. (MRK.US) under the brand name Lynparza.