Monte Rosa (GLUE.US) soars before the market opens! Reaches a $5.7 billion licensing agreement with Novartis Pharmaceuticals (NVS.US)

Finance and Economics App learned that on Monday, Swiss pharmaceutical company Novartis (NVS.US) signed a licensing agreement worth up to $5.7 billion with drug development company Monte Rosa Therapeutics (GLUE.US) to jointly develop drugs for immuno-mediated diseases. According to the agreement, Monte Rosa will receive a $120 million upfront payment and will have the opportunity to earn additional revenue through milestone payments and sales royalties, potentially totaling up to $5.7 billion. Boosted by this news, as of the time of reporting, Monte Rosa's stock surged over 53% in pre-market trading on Monday.