As of the last check, Spero Therapeutics Inc. (SPRO) shares were trading at $18.88, up 35.24% in premarket trading. As of Wednesday’s close, Spero was trading at $13.96 after gaining 0.22%. The volume of SPRO stock was 92.85K shares, lower than its average daily volume of 1.4 million shares within 50 days.
Over the last 12 months, SPRO shares have increased by 3.18%, and they have decreased by -3.39% in the past week. It has shed -31.79% over the past six months, while SPRO stock has lost -5.16% in the past three months. Further, SPRO’s stock market value currently stands at $417.54 million and it had 29.41 million outstanding shares.
Since after close of the market yesterday, the SPRO stock has surged following an announcement of equity investment and a licensing agreement.
Who invested in SPRO’s equity?
Spero is a multi-asset, clinical-stage biopharmaceutical company specializing in the identification, development and commercialization of novel treatments for multi-drug-resistant (MDR) bacterial infections and rare diseases. Tebipenem HBr is SPRO’s lead product candidate aimed at treating complicated urinary tract infections (cUTIs) and acute pyelonephritis (AP).
In related news, Spero today announced that Pfizer Inc. will contribute $40 million to the company through its Breakthrough Growth Initiative, a program focusing on advancing patient care.
- SPRO’s next-generation polymyxin product candidate SPR206 will also be licensed by both parties for treating serious multi-drug resistant (MDR) Gram-negative infections in hospitals when administered intravenously (IV).
- As well as preparing for a potential approval and launch of tebipenem HBr, SPRO intends to use the proceeds from this investment to continue the clinical development of both SPR720 and SPR206.
- According to the securities purchase agreement between the parties, Pfizer acquired 2,362,348 shares of SPRO common stock for $16.93 per share.
- SPRO has granted Pfizer the right to develop, manufacture and market SPR206 in ex-U.S. under the terms of a licensing agreement. and ex-Asia territories.
- These rights entitle SPRO to up to $80 million in milestones and royalties on SPR206 net sales in these territories, ranging from high single digits to low double digits.
Does SPRO stand to benefit from the current developments?
Spero (SPRO) will benefit from this equity investment to advance its SPR206 and SPR720 clinical programs and work towards submitting a new drug application for tebipenem-HBr. Pfizer’s advanced position will help SPRO successfully commercialize SPR206 on its terms in the Pfizer territories, as it is uniquely positioned to profitably develop this asset. SPRO expects its cash runway to extend into the second half of 2022 with the net proceeds of its recently announced $40 million equity investment.
