Why Vor Bio Is Rising In Pre-market?

(RTTNews) - Vor Bio (VOR) and RemeGen Co. announced entry into a license agreement granting Vor Bio global rights excluding China, Hong Kong, Macau and Taiwan to develop and commercialize telitacicept, a dual-target fusion protein approved in China for generalized myasthenia gravis, systemic lupus erythematosus, and rheumatoid arthritis. Vor Bio will pay RemeGen an initial payment of $125 million consisting of an upfront payment of $45 million as well as $80 million of warrants to purchase common stock with an exercise price of $0.0001 per share. The agreement provides for potential regulatory and commercial milestones exceeding $4 billion, in addition to tiered royalties.

Vor Bio also announced that its Board has appointed Jean-Paul Kress, as Chief Executive Officer and Chairman of the Board. This follows Robert Ang's resignation from the positions of CEO and director. Ang will continue with Vor Bio as a strategic advisor to assist in the transition through October 2025. Kress most recently served as Chief Executive Officer of MorphoSys.

Shares of Vor Bio are up 120% in pre-market trade on Thursday.

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