Beam gains 8% on collaboration with Pfizer to advance in vivo programs for rare diseases

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• Beam Therapeutics (NASDAQ:BEAM) perks up 8% premarket after announcing an exclusive four-year research collaboration with Pfizer (NYSE:PFE), focused on in vivo base editing programs for three targets for rare genetic diseases of the liver, muscle and central nervous system.
• Under the terms of agreement, Beam will conduct all research activities through development candidate selection for three undisclosed targets, which are not included in Beam’s existing programs.
• Pfizer may opt in to exclusive, worldwide licenses to each development candidate, Beam has a right to opt in a global co-development and co-commercialization agreement for one program.
• Beam will receive an upfront payment of $300M and, is eligible for potential milestone payments of up to $1.35B, and is also eligible to receive royalties on global net sales for each licensed program.
• The collaboration has an initial term of four years and may be extended up to one additional year.