Biotech Junior Gains 21% as US$100M Upfront Pharma Deal Extends Cash Runway
Securing upfront cash equal to roughly half of its market value sent a small neuroscience developer sharply higher Monday, a reminder of how much a big pharma license can say about a preclinical delivery platform. Alector Inc. (NASDAQ: ALEC) rallied after signing an exclusive global license agreement with Genentech, a member of the Roche Group, for AL050, its brain-penetrant engineered glucocerebrosidase (GCase) enzyme replacement therapy. Alector will receive US$100M upfront and is eligible for up to US$1.17B in development, regulatory and commercial milestone payments, plus tiered ...