Prime Medicine (PRME, Financial) surged approximately 45%, peaking at $5.02. The rise follows the announcement of a research collaboration and licensing agreement with Bristol-Myers Squibb. Under the agreement, both parties will jointly develop and commercialize various therapies.
Bristol-Myers Squibb will invest $55 million in Prime Medicine's equity. Additionally, Prime Medicine will receive an upfront payment of $55 million. Depending on the achievement of certain sales and development milestones, the total payments could exceed $3.5 billion.
