Molecular Partners (NASDAQ:MOLN) ADRs have lost ~16.1% in the pre-market after announcing a licensing agreement with Novartis (NYSE:NVS) for Ensovibep, its DARPin antiviral candidate for COVID-19. Novartis (NVS) is trading ~1.6% lower.
Per the terms, Novartis (NVS) will have the global rights of Ensovibep and will lead its development and commercialization. In return, Molecular Partners (MOLN) will be entitled to a milestone payment worth CHF 150M in addition to 22% of royalty on sales in the commercial countries.
In a financial update, the clinical-stage biopharmaceutical company said that it recorded CHF 133M cash and cash equivalents at 2021 year-end.