Biopharmaceutical company Xeris Biopharma Holdings Inc (NASDAQ:XERS), which is involved in the development of specific therapies in the fields of neurology, gastroenterology and endocrinology, was in focus among investors on Monday.
Market Reaction:
On Monday, XERS stock increased by 5.50% at $1.92 with more than 6.01 million shares, compared to its average volume of 3.44 million shares. The stock has moved within a range of $1.9000 – 2.1500 after opening the trade at $2.15.
Enters Collaboration Agreement With Merck
The stock surged by as much as 5% yesterday after the company announced that it had reached a collaboration agreement with the pharmaceutical giant Merck (NYSE:MRK). As per the provisions of the agreement, Merck is going to have the option to license Xeris’ technology XeriJet. The suspension based formulation technology from Xeris could be used with monoclonal antibodies for the purpose of creating ultra high concentrations of concentrations that wll be ready for use.
It is a significant development for the company to have reached an agreement with a company of Merck’s stature and hence, the optimism around the stock is perhaps understandable.
Paul R Edick, who is the Chief Executive Officer and Chairman of Xeris spoke about the development as well and he stated that the company was excited at the prospect of working with Merck. He went on to state that the XeriJet platform created by the company has wide applicability when it comes to the improvement in the process of delivering large molecules.
