Shares of Kymera Therapeutics (NASDAQ: KYMR) were soaring 18.4% higher as of 11:28 a.m. ET on Tuesday. The big jump came after the clinical-stage biopharmaceutical company announced on Monday that its partner, Sanofi, plans to expand the ongoing phase 2 studies evaluating experimental drug KT-474 in treating two skin conditions: hidradenitis suppurativa and atopic dermatitis.

Sanofi opted to expand the phase 2 studies of KT-474 to accelerate the advancement of the drug into pivotal testing. The French drugmaker's decision came on the heels of a positive preliminary review of KT-474's safety and efficacy data by an Independent Data Review Committee.

Anything that could potentially speed up the timeline for getting a product to market is great news for a clinical-stage biopharma company. Investors are justifiably thrilled with Sanofi's decision to expand phase 2 studies of KT-474.

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Source Fool.com