Shire, Arrowhead partner for peptide-drug conjugates
Shire plc (LSE:SHP; NASDAQ:SHPG) partnered with Arrowhead Research Corp. (NASDAQ:ARWR) to develop and commercialize peptide-drug conjugates using Arrowhead's Homing Peptide technology, which is a library of peptide sequences that localize to specific tissues. Arrowhead will use its technology to identify peptides that selectively target an undisclosed tissue type from Shire, which will provide the therapeutic payload. Shire will have an exclusive option to license rights to a therapeutic agent discovered under the deal and will be responsible for clinical development and commercialization. Arrowhead will receive undisclosed research funding and is eligible for up to $32.8 million in milestones for each compound, plus additional milestones for a second indication and royalties. The companies declined to provide details.
On Tuesday, Arrowhead was off $0.26 (10%) to $2.26. In early after hours trading, the stock was up $0.28 (12%) to $2.54. Shire was up a 1p to 1,924p on Tuesday. On NASDAQ, the stock was up $0.91 to $94.04. ...