Omeros stock catapulted to a 10-month high Wednesday after Novo Nordisk agreed to pay up to $2.1 billion to license its experimental treatment for rare blood and kidney diseases.
The drug, zaltenibart, is in testing as a treatment for paroxysmal nocturnal hemoglobinuria (PNH). PNH is a rare blood disease in which the immune system mistakenly attacks and destroys red blood cells. In a news release, Novo said zaltenibart has shown multiple potential advantages over other drugs already on the market or in development.
"With zaltenibart, we have a compelling opportunity to help a significant number of people living with rare blood and kidney disorders in the future and support our leadership ambition in this space," Ludovic Helfgott said in a statement. Helfgott is Novo's executive vice president of product and portfolio strategy.
On the stock market today, Omeros stock shot up roughly 154.2% to 10.42. Shares retook their 200-day moving average, hitting their highest point since December. Novo Nordisk stock inched up a fraction to 56.73.
Omeros Stock: 'Novel' Mechanism
Under the deal's terms, Novo Nordisk will pay $340 million up front and in near-term milestones. The payments give it exclusive global rights to develop and commercialize zaltenibart across all possible uses. Including potential development and commercial milestones, the deal is worth up to $2.1 billion. Omeros could also received tiered royalties on net sales.
Zaltenibart works by blocking MASP-3, a protein that activates an alternative pathway of the body's complement system. The complement system is part of the immune system and has been shown to be involved in a number of rare diseases.
"Zaltenibart has a novel mode of action that could offer several advantages over other treatments for complement-mediated diseases," Novo Chief Scientific Officer Martin Holst Lange said in a statement. "Novo Nordisk is in a strong position to build on the work done by Omeros to maximize the value of this asset."
The deal is Novo Nordisk's second big business development news this month. On Oct. 9, Novo said it would pay up to $5.2 billion to acquire Akero Therapeutics for its possible metabolic dysfunction-associated steatohepatitis treatment. The disease, also called MASH, occurs when fat builds up on the liver, causing scarring and, eventually, cirrhosis.
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