Editas Medicine Surges 8% On $90 Million Allergan Research And Development Deal

Editas Medicine Inc. surged 8.4% in premarket trade Tuesday after it announced a $90 million research and development deal with Allergan . Under the agreement, Allergan will receive exclusive access and a licensing option for up to five of Editas' genome-editing ocular programs focusing on serious diseases, including a lead, pre-clinical program called LCA10 for Leber Congenital Amaurosis, a rare degenerative eye disease that causes blindness. The agreement also includes additional payments for LCA10 milestones, along with the possibility of development and commercial milestones and royalty payments, and Editas can co-develop and co-promote up to two optioned products in the U.S. Editas benefited greatly from a February court decision related to the gene-editing technique CRISPR. Eye care is one part of Allergan's aesthetics business, which is seen as one of its most valuable assets. Company shares have surged 48.6% over the last three months, compared with a 5.3% rise in the S&P 500 .