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Why Are Cullinan Oncology Shares Rising Today?

By Vandana Singh
  • Taiho Pharmaceutical Co Ltd will co-develop and co-commercialize Cullinan Oncology Inc (NASDAQ:CGEM) lead program, CLN-081/TAS6417.
  • Under the agreement, Taiho will acquire Cullinan Oncology’s subsidiary, Cullinan Pearl, which has worldwide rights outside of Japan to CLN-081/TAS6417, for an upfront payment of $275 million and up to an additional $130 million tied to EGFR exon20 non-small cell lung cancer regulatory milestones.
  • Cullinan Oncology will co-develop CLN-081/TAS6417 and retain the option to co-commercialize it in the U.S.
  • Taiho will commercialize CLN-081/TAS6417 in territories outside U.S. and China. 
  • The companies will equally contribute to the future clinical development of CLN-081/TAS6417 in the U.S., with each receiving 50% of the profits from potential U.S. sales. 
  • As a result of the upfront cash payment and reduction in development and pre-commercialization costs, Cullinan Oncology anticipates its cash runway to extend through 2026 (2024 expected earlier) based on current operating plans.
  • At December 31, Cullinan held a cash balance of $430.9 million.
  • Price Action: CGEM shares are up 23.7% at $9.04 during the market session on the last check Thursday.
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Dive Deeper:
Why Wendy's Shares Are Plunging Today
Wendy's Co (NASDAQ:WEN) reported first-quarter FY22 sales growth of 6.2% year-on-year to $488.6 million, missing the consensus of $497.1 million. Adjusted revenues increased…
Why Electronic Arts Shares Are Rising Today
Electronic Arts Inc (NASDAQ: EA) shares are trading higher Wednesday after the company announced preliminary financial results and issued guidance.
Why Workhorse Shares Are Rising Today
Workhorse Group Inc (NASDAQ: WKHS) shares are trading higher by 3.94% at $2.64. The company Tuesday morning reported first-quarter earnings results.
58 Stocks Moving In Thursday's Mid-Day Session
Gainers Allena Pharmaceuticals, Inc. (NASDAQ: ALNA) jumped 102.6% to $0.1580 after declining 9% on Wednesday. Allena Pharmaceuticals recently reported a…
One subscription that gives you access to news from hundreds of sites
Why UWM Holdings Shares Are Rising Today
UWM Holdings Corp (NYSE: UWMC) shares are trading higher Tuesday after the company announced better-than-expected financial results and issued guidance. 
Why Affirm Shares Are Rising
Affirm Holdings Inc (NASDAQ: AFRM) shares are trading higher by 22.24% at $22.05. The company Thursday reported better-than-expected third-quarter EPS and…
Get all your news in one place