Shares of Pfizer Inc. PFE, +0.93% gained 0.2% in premarket trading on Monday after the company announced a deal with Beam Therapeutics Inc. BEAM, -2.70% worth up to $1.3 billion. Beam’s stock was up 4.9% before the market opened. As part of the four-year agreement, the companies will use Beam’s vivo base editing technology to develop drugs that treat rare genetic diseases of the liver, muscle, and central nervous system. Pfizer will pay Beam $300 million upfront; including milestone payments, the deal could be worth up to $1.3 billion, in addition to sales royalties for Beam if any products are brought to market. Pfizer’s stock is down 5.6% so far this year, while shares of Beam have declined 11.7%. The S&P 500 SPX, -0.14% is down 1.8%.
View Article Origin Here
