02:21 PM EDT, 06/26/2025 (MT Newswires) -- (Updates with stock move in the headline and first paragraph.)

Vor Biopharma ( VOR ) shares were trading 69% higher Thursday after the company said late Wednesday it entered a license deal with RemeGen for global rights, excluding Greater China, to develop and commercialize telitacicept for autoimmune conditions including generalized myasthenia gravis, systemic lupus erythematosus, and rheumatoid arthritis.

The biotech company also named Jean-Paul Kress as chief executive officer and board chairman, succeeding Robert Ang, who will remain as a strategic advisor through October.

The company will initially pay RemeGen $125 million, including a $45 million upfront payment and $80 million in warrants to purchase its common stock. The agreement also includes regulatory and commercial milestones of over $4 billion and tiered royalties.

RemeGen is enrolling participants in a global phase 3 trial for telitacicept, with initial results expected in the first half of 2027.

Separately, the company said it plans to raise $175 million in gross proceeds through a private placement to advance its clinical pipeline and support general corporate needs. Upon closing, Vor Bio will issue prefunded warrants to purchase 700 million common shares at $0.25 per warrant.

The financing is expected to close Friday.

Price: 0.94, Change: +0.38, Percent Change: +68.80