Shares of Oric Pharmaceuticals Inc. soared about 56% in premarket trading on Thursday, the day after the company said it will collaborate with Pfizer Inc. to develop a multiple myeloma therapeutic candidate. Pfizer will pay $4.65 per share for 5,376,344 of Oric’s common shares, for a total of $25 million. The companies plan to move the treatment into a Phase 2 clinical trial in combination with elranatamab, Pfizer’s investigational treatment of multiple myeloma. A Pfizer executive, Jeff Settleman, will also join Oric’s scientific advisory board. Oric said it now has a cash runway into the first half of 2025. Oric’s stock has declined 79.6% so far this year, while the broader S&P 500 is down 18.6%.
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