OPKO Health (OPK) said Monday it will work with Entera Bio (ENTX) to push an oral dual agonist for obesity and related conditions into clinical testing.
The drug combines OPKO's extended-release GLP-1/glucagon analog with Entera's tablet formulation technology, with an FDA filing planned later this year, OPKO said.
Under the agreement, OPKO will cover 60% of development expenses and Entera 40%, with ownership split along the same lines, the companies said.
To help cover its share, Entera said it sold roughly 3.7 million shares to OPKO for $2.17 each. If Entera decides to drop out, it will still retain a 15% stake.
Entera's shares were up more than 10% in recent Monday premarket activity.
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