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SpringWorks Shares Pop After Expanded Multiple Myeloma Pact With GSK

  • SpringWorks Therapeutics Inc (NASDAQ: SWTX) has entered into an expanded global, non-exclusive license and collaboration agreement with GSK plc (NYSE: GSK) for SpringWorks' nirogacestat with GSK's Blenrep.

  • SpringWorks will receive a $75 million equity investment from GSK, and it is eligible to receive up to $550 million in milestone payments.

  • In May, SpringWorks announced positive topline results from the DeFi Phase 3 trial evaluating nirogacestat in adult patients with progressing desmoid tumors.

  • SpringWorks and GSK first entered into a trial collaboration and supply agreement in June 2019, later amended in October 2021, to cover the initial clinical development of nirogacestat in combination with Blenrep for relapsed or refractory multiple myeloma.

  • The new agreement expands the original collaboration to include the combination of nirogacestat and Blenrep in earlier lines of treatment, including newly diagnosed multiple myeloma.

  • Price Action: SWTX shares are up 5.54% at $27.45, and GSK stock is down 0.10% at $31.44 on the last check Wednesday.

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