Benzinga | May 4, 2021 09:35AM EDT

ProQR Therapeutics Stock Is Trading Higher On Antisense Oligonucleotide Development Pact

* Yarrow Biotechnology Inc, a newly created company by RTW Investments LP, has in-licensed exclusive rights to ProQR Therapeutics N.V.'s (NASDAQ: PRQR) antisense oligonucleotide technology to develop and commercialize potential therapies for an undisclosed non-ophthalmic target.

* Under the terms of the agreement, ProQR is eligible to receive up to $115 million of upfront and milestone payments, plus single-digit percentage royalties on the net sales of any resulting products during the royalty term.

* ProQR will also have the right to receive an undisclosed percentage of equity in Yarrow.

* ProQR will be responsible for certain preclinical activities with reimbursement for the research costs by Yarrow. At the same time, Yarrow will be responsible for continuing the development of the program and commercialization activities.

* Gerard Platenburg, Chief Innovation Officer at ProQR, will join Yarrow's board of directors.

* Price Action: PRQR shares are up 1.58% at $6.46 on the last check Tuesday.