A Tyr Pharma Inc. (NASDAQ: LIFE) was a big gainer in yesterday’s trading session. The stock rallied to close the day with gains of 43.43%. This came after it announced a collaboration agreement with Kyorin Pharmaceuticals Co Ltd, for the development and sale of ATYR1923. ATYR1923 is the company’s lead candidate for interstitial lung diseases.
Under the deal, A Tyr Pharma Inc. will get $8 million in upfront payments. It will also be entitled to receive an extra $167 million once it hits certain development milestones. On top of that, the company will receive royalties that are tied to the treatment’s net sales in the Japanese market. On its part, Kyorin will have exclusive rights for the development and sale of ATYR1923 in the Japanese market.
Commenting on the deal, A Tyr Pharma Inc. CEO Sanjay Shukla stated that, they were pleased to enter into a collaboration with Kyorin. He added that this collaboration will help advance ATYR1923 in the Japanese market. He further stated that, just like in the U.S, ILDs were an area of unmet needs in the Japanese market. He added that, due to Kyorin’s development capability, it will help advance ATYR1923 in Japan and help improve patient lives.
On his part, Kyorin CEO, Yutaka Ogihara, stated that, the company was excited to have entered into an agreement with A Tyr Pharma. He added that, the agreement will help bring forth a new first-in-class treatment to Japanese people suffering from ILD.
Looking at its price action, LIFE opened the day with a gap up, and traded up for the better part of the day. It opened the day at $7.19 and traded between $5.60 and $7.62, before closing the day at $6.11. Volumes in the day stood at 10.66 million.
About A TYR Pharma Inc.
A Tyr Pharma Inc. is a biotherapeutics company that develops new immunological treatments in the U.S. It has its headquarters in San Diego, California.