Tesaro (TSRO) shares have risen sharply in early trading today after the company signed a license and collaboration deal with Janssen Biotech (JNJ).
Through the agreement, Janssen has secured worldwide rights, excluding Japan, to develop and commercialize poly polymerase (PARP) inhibitor niraparib for the treatment of prostate cancer. According to the terms of the agreement, TSRO will receive an upfront payment, milestones and royalties on net sales. The two companies did not disclose the specific financial terms of the deal.
In addition to the agreement, Johnson & Johnson Innovation, which is JNJ’s venture capital arm, will make an equity investment in TSRO.
