Shares of Voyager Therapeutics Inc. (VYGR) - Get Report surged more than 20% on Friday after the gene therapy company announced a collaboration agreement with pharmaceutical giant AbbVie Inc. (ABBV) - Get Report on a treatment for Parkinson's disease.
Under terms of the agreement, Voyager will receive $65 million upfront and up to $245 million in preclinical and phase 1 option payments, as well as up to an additional $728 million in potential development, regulatory, and commercial milestone payments and royalties.
Voyager is also eligible to earn up to a total of $500 million in additional commercial milestones.
The agreement fuses the companies together to develop and commercialize a way to boost antibodies that would assist in the treatment of Parkinson's disease, potentially reducing its effects on memory and brain-function loss.
"The expansion of AbbVie's partnership with Voyager represents the potential we see in the ability of its vectorized antibody platform to surpass the blood-brain barrier and more effectively deliver biologic therapies," AbbVie Vice President of neuroscience research Jim Summers said in a statement. "We are hopeful that Voyager's technology will enable further development of transformative treatments for patients with neurodegenerative diseases."
Voyager's stock was up nearly 22%, or $2.30 a share, at $12.98 on the Nasdaq Stock Market. The company's stock had lost about 10% over the past three months before Friday's announcement. AbbVie shares, meanwhile, were down 40 cents to $78.35. They have declined about 9% over the past three months.