Shares of Revance Therapeutics Inc. (RVNC) surged 30.8% to $34 in premarket trading on Tuesday, Dec. 5, after the Newark, Calif.-based firm unveiled positive top-line results from a pair of Phase 3 studies evaluating RT002 for the treatment of glabellar, or frown, lines.
Revance said it thinks that RT002, if approved by the U.S. Food and Drug Administration, would be the first neuromodulator with a duration of six months. "Marketed neuromodulators have demonstrated duration of three to four months in treating glabellar lines," the company noted.
Meanwhile, shares of Arena Pharmaceuticals Inc. (ARNA) rose 1.3% to $30 after the San Diego firm and Everest Medicines Ltd. inked a development and commercialization partnership for ralinepag and etrasimod in mainland China, Taiwan, Hong Kong, Macau, and South Korea.
The agreement gives Everest exclusive rights to develop and commercialize ralinepag and etrasimod in those areas.
Arena will receive an upfront payment of $12 million and is eligible to receive up to $212 million in development and commercial milestone payments. In addition, Arena is entitled to receive up to low double-digit royalties on net annual sales of both ralinepag and etrasimod.
Arena is developing ralinepag, a potential treatment of pulmonary arterial hypertension; and etrasimod, which is being evaluated for autoimmune diseases.
Among the other biotech movers was Immunomedics Inc. (IMMU) , up 3.3% to $9.30.