Xeris Biopharma Holdings, Inc ( XERS ) shares are up Monday after the company announced an exclusive worldwide collaboration and license agreement with Beta Bionics.

What Happened: In a new press release issued Monday, Xeris said it will work with Beta Bionics to develop and release a glucagon product that will utilize the company’s XeriSol technology and Beta Bionic’s pump systems.

Under the terms of the agreement, Xeris could potentially receive development payments and low double-digit royalties based on future sales.

“We’re excited to be partnering with Beta Bionics by being the exclusive provider of the glucagon component that will facilitate their development of the first dual-hormone pump for people with diabetes. We will move quickly to support Beta Bionics in this important development program,” said Paul Edick, chairman and CEO of Xeris.

Xeris is set to release its 2024 first-quarter earnings at 8:30 a.m. ET on Thursday. Benzinga Pro estimates are calling for an EPS loss of 12 cents and revenue of $41.815 million.

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XERS Price Action: According to Benzinga Pro, Xeris shares were up 1.85% Monday morning following the announcement, trading at $1.92. Despite Monday’s gains, Xeris shares are still down approximately 18% year-to-date.