By Stephen Nakrosis
Kezar Life Sciences shares were trading higher in Wednesday’s after-hours market, following the entry of an agreement with biotechnology company Everest Medicines to develop and commercialize Zetomipzomib for lupus nephritis and other potential indications in Asia.
Under the terms of the deal, Kezar is eligible to receive up to $132.5 million in total payments, along with tiered royalties. Everest Medicines will also pay tiered royalties on net sales, the companies said.
Everest Medicines will gain exclusive rights to develop and commercialize Zetomipzomib in several Asian countries.
At 6:43 p.m. ET, Kezar shares had risen 12%, to $1.28 a share. The stock, which touched a 52-week low of $1.12 earlier Wednesday, closed the day’s trading with a 4.2% loss, at $1.14.
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