Shares of Sage Therapeutics Inc. (SAGE) jumped 75.3% to $161.07 in premarket trading on Thursday, Dec. 7, after the Cambridge, Mass.-based firm unveiled positive top-line results from its Phase 2 study of SAGE-217 in patients with moderate to severe major depressive disorder.
The drug, if successfully developed, "has the potential to offer the first truly new mechanism of action in the pharmacologic treatment of depression in more than 20 years," said Sage chief medical officer Steve Kanes in the news release.
Meanwhile, shares of Halozyme Therapeutics Inc. (HALO) gained 3.6% to $18.80 after the San Diego firm and Alexion Pharmaceuticals Inc. (ALXN) signed a collaboration and license pact for Halozyme's Enhanze drug delivery technology.
With the agreement, New Haven, Conn.-based Alexion has the opportunity for exclusive development of up to four targets.
Terms of the deal call for Halozyme to receive an initial payment of $40 million. In addition, Halozyme could receive up to $160 million for each target developed, subject to achievement of milestones. It will also receive mid-single digit royalties on sales of commercialized products.
Alexion represents Halozyme's eighth global collaboration and license partner for Enhanze.
