Oct 4 (Reuters) - Drugmaker Sarepta Therapeutics Inc has entered into an exclusive licence agreement with Britain’s Summit Therapeutics Plc to develop drugs to treat Duchenne muscular dystrophy (DMD), the companies said on Tuesday.
Summit will get $40 million up front and could receive up to $522 million in milestone payments, they said.
Bowing to pressure from patient advocates, the U.S. Food and Drug Administration approved last month a treatment from Sarepta for DMD, a rare and progressive genetic disorder that hampers muscle movement.
Summit’s shares were up 39 percent at 181.75 pence, poised for their best day since July 2011. Trading in Sarepta shares was halted. (Reporting by Mamidipudi Soumithri in Bengaluru; Editing by Ted Kerr)