Xeris Biopharma Holdings (NASDAQ:XERS) announced an exclusive worldwide license agreement with Amgen for the development, manufacturing, and commercialization of a subcutaneous formulation of teprotumumab using Xeris' XeriJect technology.
The collaboration aims to address Thyroid Eye Disease (TED), a severe, progressive, and potentially vision-threatening rare autoimmune disorder.
Shares of Xeris climbed over 12% higher at Wednesday's open to reach $2.70.
XeriJect technology offers a novel approach to drug delivery, creating ready-to-use, viscoelastic pharmaceutical suspensions that have the potential to significantly enhance the patient experience across various therapeutic categories.
Notably, XeriJect suspensions maximize drug loadings at less than 400 milligrams per millilitre, allowing for small-volume subcutaneous injections that do not settle during storage.
In a statement, Paul Edick, CEO of Xeris, expressed enthusiasm about the collaboration.
"We are very excited that our partner is moving forward with licensing the XeriJect technology to further the development of the XeriJect subcutaneous teprotumumab to potentially enhance the patient experience and delivery of the treatment for Thyroid Eye Disease."
Edick emphasized the agreement's validation of XeriJect's potential value in enabling large molecule subcutaneous injections. He highlighted the technology's commitment to providing a patient-friendly regimen that is effective, safe, and convenient, potentially improving treatment adherence.
“We will move quickly to support our partner in this important development program,” he added.
Under the terms of the license agreement, Xeris stands to receive up to $75 million in development and regulatory milestones, in addition to sales-based milestones. Furthermore, escalating single-digit royalties based on future sales of TEPEZZA utilizing the XeriJect technology are part of the agreement.
Xeris is a growth-oriented biopharmaceutical company with a commitment to improving patient's lives by developing and commercializing innovative products across a range of therapeutic categories.