Rigel Pharmaceuticals Inc. shares RIGL, +1.57% soared 39% in premarket trade Thursday, after the company said it has agreed to partner with Eli Lilly and Co. LLY, +0.34% in developing RIPK1 Inhibitors to treat immunological and neurodegenerative diseases. As part of the deal, Rigel will receive an upfront cash payment of $125 million and have the potential to earn up to $835 million in milestone payment on reaching certain goals. Lilly will be responsible for global commercialization of Rigel’s lead RIPK1 inhibitor, R552, and Rigel will have the right to co-commercialize the treatment in the U.S. Rigel shares have gained 101% in the last 12 months. Lilly shares were down 1.4%, but have gained 46% in the last 12 months, while the S&P 500 SPX, -0.03% has gained 17%.
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