One stock that is highly likely to be on the radars of investors this morning is that of Monte Rosa Therapeutics Inc. (Nasdaq: GLUE), which delivered staggering gains of 94% on Monday. Let’s take a look at the development that led to such gains.
Monte Rosa Therapeutics Announces Global License Agreement with Novartis to Advance T and B Cell-modulating VAV1-directed Molecular Glue Degraders
Yesterday, the company garnered considerable attention from investors after it announced the signing of a global exclusive development and commercialization license agreement with the pharmaceutical behemoth Novartis. The agreement had been reached with regards to the advancement of VAV1 MGDs, and that would also include MRT 6160, a product currently in Phase 1.
Key Details
As per the terms of the agreement, Novartis was awarded exclusive global rights to manufacture, develop, and commercialize the MRT 6160 product and other VAV1 MGD products from Monte Rosa Therapeutics. Novartis would be responsible for the entirety of the commercialization and clinical development process, which would start with the Phase 2 clinical study.
However, it was also noted that Monte Rosa Therapeutics would continue to be solely responsible for the currently ongoing Phase 1 clinical trial of the product. The company also noted in the news release that there was expectation that the agreement would also lead to greater scope for the MRT 6160 product.
Key Quote
“We are thrilled to announce this agreement with Novartis, a key player in immune-mediated conditions, and we are excited about the transformative potential it provides for Monte Rosa and MRT-6160. We expect this will accelerate and broaden the scope of clinical development of MRT-6160 to advance this unique, orally bioavailable modality while retaining substantial value for Monte Rosa. We believe the transaction validates our unique and industry-leading QuEENTM discovery engine, and it further increases our conviction to rationally design and develop highly selective and safe MGDs for undruggable targets, including in the areas of immunology and inflammation, metabolism, and genetic diseases,” said Markus Warmuth, M.D., Chief Executive Officer of Monte Rosa Therapeutics.
Technicals
| +/- EMA(20) | 5.97 (+56.95%) |
| +/- SMA(50) | 5.8 (+61.55%) |
| +/- SMA(200) | 5.33 (+75.80%) |
| 5-Day Perf. | +76.46% |
| 1-Month Perf. | +81.24% |
| 3-Month Perf. | +105.03% |
| 6-Month Perf. | +67.02% |
| YTD Perf. | +65.84% |
| 1-Year Perf. | +237.05% |
| RSI(14) | 80.59 |
| ATR(14) | 0.9 |
| ADX(14) | 23.16 |
