Monte Rosa Collaborates With Novartis To Develop Novel Degraders, Stock Up In Pre-Market

(RTTNews) - Monte Rosa Therapeutics, Inc. (GLUE), Monday announced a collaboration with Novartis to develop novel degraders for immune-mediated diseases.

Under the deal, Monte Rosa's scientists will apply their proprietary AI/ML-enabled QuEEN product engine for the discovery and development of degraders to be further developed and commercialized by Novartis.

Of the total payment of upto $5.7 billion, the company will receive an upfront payment of $120 million and other payments to maintain the options. The company expects the deal to strengthen its financial position, allowing it to progress its wholly owned programs, including multiple undisclosed targets in Th1, Th2, and Th17-driven autoimmune conditions, and provide runway beyond multiple anticipated Phase 2 readouts for MRT-8102, MRT-6160, and MRT-2359.

In the pre-market hours, GLUE is trading at $7.95, up 65.28 percent on the Nasdaq.