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

Rigel Pharmaceuticals Inc RIGL and Forma Therapeutics Inc 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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