Shares of the Cambridge, Mass., company on Wednesday soared 57% to $3.87 in the regular session. The stock traded up as much as 67% at $4.12.
Under the agreement, Pfizer can exercise options to license novel capsids generated from Voyager's RNA-driven Tracer screener technology. Pfizer would use the products to develop, produce and commercialize gene therapies.
Capsids are shells that coat the viruses used to deliver genetic material as part of gene therapy.
Voyager will receive $30 million up front and is entitled to receive up to $20 million in exercise fees.
The company will retain global rights to all licensed capsids for use with other transgenes and to all other applications of its Tracer technology.
Voyager will also be eligible to receive up to $580 million in milestone payments, and will be eligible to receive mid- to high-single-digit tiered royalties based on sales of Pfizer products using the licensed capsids.
“This transaction highlights the potential of our Tracer platform to identify novel AAV capsids that target desired cells and tissues with greater specificity at lower doses and with fewer off-target risks than conventional AAV serotypes,” Michael Higgins, interim chief executive of Voyager, said in a statement.