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Investing.com -- Arrowhead Pharmaceuticals Inc (NASDAQ:ARWR) stock dropped 6% after Sarepta Therapeutics (NASDAQ:SRPT) announced it sold over 9.2 million shares of Arrowhead in a privately negotiated block trade.
Sarepta expects to receive at least $174 million in gross proceeds from the transaction. Additionally, Sarepta will transfer approximately 2.66 million Arrowhead shares to satisfy $50 million of a previously announced $100 million milestone payment obligation.
The milestone payment was triggered following safety data review and Arrowhead achieving the first of two predetermined enrollment targets in the Phase 1/2 clinical study of SRP-1003, an investigational RNA interference therapeutic for type 1 myotonic dystrophy (DM1).
Despite selling its equity stake, Sarepta CEO Doug Ingram emphasized that the decision was strategic to help fund the milestone payment and does not reflect any change in the company’s confidence in the siRNA approach or Arrowhead’s technology.
Sarepta plans to release preliminary data from its FSHD and DM1 programs in the second half of this year, with more comprehensive data from the Phase 1/2 study of SRP-1003 expected in the second half of 2025.
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