Shares of Lyra Therapeutics Inc. (LYRA) are gaining over 13% on Wednesday morning after the clinical stage therapeutics company announced a deal with Shanghai, China-based LianBio to develop and commercialize its LYR-210 in China and other Asian markets.
LYRA is currently trading at $8.65, up $1.02 or 13.37%, on the Nasdaq. For the year-to-date period, the stock has lost nearly 24%. The stock has traded between $6.84 to $16.50 per share during that period.
LYR-210 is an anti-inflammatory, intra-nasal drug matrix in late-stage development that is designed to treat chronic rhinosinusitis, a debilitating inflammatory disease of the nasal passages.
Lyra is set to received an upfront payment of $12 million. The company is also eligible to receive up to $135 million in future payments, which is based upon the achievement of specified development, regulatory and commercialization milestones.
Upon commercialization on a region-by-region basis, Lyra also will be entitled to receive low double-digit royalties based on sales of LYR-210 in the licensed territories.
LianBio will be responsible for the clinical development and commercialization of LYR-210 in the licensed territories, and Lyra will retain all rights to LYR-210 in all other geographies.
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