Paratek Pharmaceuticals Inc (NASDAQ: PRTK) is having a pretty strong start to the trading session today after announcing that it has signed a collaboration agreement. Of course, this excited investors, leading to gains in the value of the stock and prompting our partners at Trade Ideas to alert us to the move. At the moment (10:45), PRTK is trading at $21.65 per share after a gain of $0.25 per share or 1.17% thus far today.
PRTK Enters Collaboration Agreement
As mentioned above, Paratek Pharmaceuticals is up in the market this morning after announcing that it has entered into a collaboration agreement with Zai Lab. The agreement surrounds the development and commercialization of omadacycline for patients in China. According to the agreement, PRTK has granted Zai Lab an exclusive license to develop, manufacture and commercialize omadacycline for the greater China Territory. The company well receive $7.5 million in upfront payments and will be eligible for development, regulatory, and commercial milestone payments. In a statement, Michael Bigham, Chairman and CEO at PRTK, had the following to offer…
“Our successful Phase 3 efficacy studies in both skin infections and pneumonia demonstrate the potential of omadacycline to be a promising new therapeutic option for the treatment of patients with serous bacterial infections… This agreement with Zai Lab further validates that potential, and represents an exciting step toward making omadacycline available to the many patients in the greater China territory where there is a proven need for a new, effective, well tolerated, IV and once-daily oral, broad-spectrum antibiotic, particularly when resistance is of concern.”
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on PRTK. In particular, we’re following ongoing work surrounding omadacycline as the treatment seems to be overwhelmingly promising. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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