Why Rigel Pharmaceuticals (RIGL) Shares Are Trading Higher Premarket Today - Rigel Pharmaceuticals (NASDA

Rigel Pharmaceuticals Inc (NASDAQ:RIGL) and Forma Therapeutics Inc (NASDAQ:FMTX) entered into an exclusive, worldwide license agreement to develop, manufacture and commercialize olutasidenib.
Olutasidenib is an oral, small molecule inhibitor of mIDH1 being investigated for relapsed/refractory acute myeloid leukemia (R/R AML) and other malignancies.
The FDA has accepted Forma's marketing application for olutasidenib with the Prescription Drug User Fee Act target date of February 15, 2023.
Related: Forma Therapeutics' Olutasidenib Achieves 33% Remission Rate In Acute Myeloid Leukemia Patients.
Forma will receive an upfront payment of $2.0 million and is eligible to receive an additional $17.5 million as near-term regulatory, approval, and first commercial sale milestones.
In addition, Forma is eligible to receive up to an additional $215.5 million in development and commercial milestones.
Forma is also eligible to receive tiered royalties in the low-teens to mid-thirties.
Rigel will be responsible for the potential launch and commercialization of olutasidenib in the U.S.
Price Action: FMTX shares closed at $8.16 on Tuesday. RIGL shares are up 34.6% at $1.75 during the premarket session on the last check Wednesday.

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