08:33 AM EST, 12/23/2024 (MT Newswires) -- RAPT Therapeutics ( RAPT ) shares were up 89% premarket Monday after the company and Shanghai Jemincare said Monday they have signed an exclusive license agreement for JYB1904, a clinical-stage anti-immunoglobulin E monoclonal antibody.

The deal gives RAPT rights to develop and commercialize JYB1904, which has an RAPT designation of RPT904, globally except in mainland China, Hong Kong, Macau and Taiwan, the companies said.

They said that as consideration for the license, Shanghai Jemincare will get an upfront license fee of $35 million, additional payments of up to $672.5 million upon the achievement of several regulatory and commercial milestones, and royalties on future sales in the areas covered by the deal.

RAPT plans to start a phase 2b trial in food allergy in 2025 and Shanghai Jemincare is separately conducting phase 2 clinical trials in asthma and chronic spontaneous urticaria in China, the companies said.