Shares of Vaxart, Inc. (VXRT) are climbing more than 3% Wednesday morning after the clinical-stage biotechnology company signed a license agreement with Altesa Biosciences, Inc. for Vaxart’s investigational antiviral drug Vapendavir.
As per the agreement, Altesa gets global rights to develop and commercialize Vapendavir.
Vaxart will receive up to $130 million in milestone payments, and royalties ranging from low-single to low-double digits on global product sales of Vapendavir.
Vapendavir has showed activity against a range of infections including epidemic hand, foot and mouth disease, HRV infection in chronic obstructive pulmonary disease, among others.
VXRT is at $7.61 currently. It has traded in the range of $3.50- $24.90 in the past 52 weeks.
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