KalVista shares halted on news of Merck ownership stake, collaboration

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  1. sniper-academy

    sniper-academy Administrator Staff Member

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    KalVista Pharmaceuticals Inc. shares were halted in premarket trade Tuesday on news that Merck has acquired a 9.9% ownership stake in the company for $9.1 million, at a price of $8.50 per share. Merck will also pay KalVista $37 million upfront for the option to acquire KalVista's diabetic macular edema drug candidate, which the companies will collaborate to develop, and a similar option for other future oral diabetic macular edema compounds. KalVista is also eligible for additional payments that could total up to $715 million, and will receive tiered royalties on net sales. KalVista plans to pay for and organize the planned phase 2 trial for the diabetic macular edema treatment, KVD001, and for other such compounds through phase 2. Diabetic macular edema is a diabetes complication that can cause impaired vision or vision loss. KalVista shares were valued at $7.35 as of Monday's close. Shares have lifted 0.3% over the last three months, compared with a 4.8% rise in the S&P 500 . Merck shares lifted 0.5% in premarket trade.

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