Summit Therapetuics (SMMT) shares skyrocketed Tuesday on word that it has entered into an exclusive licensing agreement with drugmaker Sarepta Therapeutics (SRPT) . The two companies will develop drugs to treat Duchenne muscular dystrophy. Under the agreement, Summit will get $40 million up front and could receive $522 million in milestone payments. Just last month, Sarepta won approval from the FDA for a drug to treat the disorder.
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