Stock Alert: La Jolla Pharmaceutical Soars On Deal With PAION

(RTTNews) - Shares of La Jolla Pharmaceutical Company (LJPC) are surging more than 40% Tuesday morning after it entered into an exclusive licensing agreement with PAION AG and its wholly owned subsidiary for GIAPREZA (angiotensin II) and XERAVA (eravacycline) in the European Economic Area, the United Kingdom and Switzerland. As per the deal, La Jolla is entitled to receive an upfront cash payment of $22.5 million, commercial milestone payments of up to $109.5 million and double-digit tiered royalty payments based on net sales of GIAPREZA and XERAVA.

La Jolla granted PAION an exclusive license to commercialize GIAPREZA and XERAVA in the Territories.

GIAPREZA and XERAVA are approved by the FDA as well as the European Commission.

LJPC, currently at $5.71, has been trading in the range of $3.36- $9.38 in the last one year.