Why Rigel Pharmaceuticals Stock Is Jumping Today
Shares of Rigel Pharmaceuticals (NASDAQ: RIGL) were jumping 10.3% as of 12:30 p.m. EST. The gain came after Rigel and Eli Lilly (NYSE: LLY) announced a collaboration to develop and market Rigel's experimental drug R552.
Rigel will receive an up-front payment of $125 million from Lilly under the new agreement. In addition, Rigel could be eligible for milestone payments of up to $835 million. The company will also receive tiered royalties from any future sales of R552, ranging from the mid-single digits to the high teens.
Image source: Getty Images.
Source Fool.com
