11:08 AM EDT, 10/16/2024 (MT Newswires) -- (Updates stock move in the headline and the first paragraph.)

Wave Life Sciences ( WVE ) shares surged 78% in recent Wednesday trading after it reported positive proof-of-mechanism data from an ongoing phase 1b/2a study of WVE-006 in alpha-1 antitrypsin deficiency.

The biotech firm said WVE-006 was developed with its oligonucleotide chemistry platform and is designed to address alpha-1 antitrypsin deficiency-related lung disease, liver disease, or both.

Wave said GSK has the exclusive global license for WVE-006 and that development and commercialization responsibilities will transfer to the British pharmaceutical company after Wave completes the study. It also said it is eligible for up to a total of $525 million in milestone payments, in addition to tiered royalties on WVE-006's net sales.

Price: 15.21, Change: +6.65, Percent Change: +77.64