ORIC Pharmaceuticals (ORIC) Stock Rockets 58% on Pfizer Deal thumbnail

ORIC Pharmaceuticals (ORIC) Stock Rockets 58% on Pfizer Deal

Posted on

PFE Stock. Pfizer logo on Pfizer building. Pfizer is an American pharmaceutical corporation.

Source: Manuel Esteban / Shutterstock.com

ORIC Pharmaceuticals (NASDAQ:ORIC) stock is rocketing higher after the company revealed a collaboration deal with Pfizer (NYSE:PFE).

The big news here is ORIC Pharmaceuticals and Pfizer working together on the development of ORIC-533. This is a treatment in development for multiple myeloma with Pfizer agreeing to help with a planned Phase 2 clinical trial.

That study would be in combination with Pfizer’s own elranatamab. This is an investigational drug from the company in development to treat multiple myeloma too. It acts as a B-cell maturation antigen.

To go along with that assistance, Pfizer is also making an investment in ORIC Pharmaceuticals. This has it acquiring 5,376,344 shares of ORIC stock for $4.65 each. That has the total value of the investment coming in at $25 million.

Changes at ORIC Pharmaceuticals After the Deal

Following Pfizer’s investment in ORIC stock, the company will gain a seat at ORIC Pharmaceuticals. This will see Jeff Settleman, CSO at Pfizer, join ORIC Pharmaceuticals’s Scientific Advisory Board.

Jacob M. Chacko, M.D., CEO of ORIC Pharmaceuticals, said the following about the news.

“Given Pfizer’s strong commitment, extensive capabilities and deep expertise in developing treatments for oncology, including elranatamab in multiple myeloma, we are proud to partner with them to develop a potential novel treatment regimen for patients with multiple myeloma.”

ORIC stock was up 57.7% and PFE stock was up slightly in pre-market trading on Thursday!

Investors seeking out more of the latest stock market news will want to keep reading!

InvestorPlace is home to all of the hottest stock market news traders need to know about on Thursday! That includes this morning’s biggest pre-market stock movers, what has shares of Meta Materials (NASDAQ:MMAT) stock moving, and more. You can find out all of these details at the following links!

More Thursday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.