Published on 24 Jul 2021 on Benzinga via Yahoo Finance

9 Meters Biopharma Acquires Anti-GIP Monoclonal Antibody For Obesity-Related Disorders

9 Meters Biopharma Inc (NASDAQ: NMTR) has acquired global development rights to LOB-0136 (now known as NM-136) that targets glucose-dependent insulinotropic polypeptide (GIP) from Lobesity LLC.GIP is a hormone whose concentration increases significantly with overeating, leading to higher glucose absorption and greater insulin release. These changes lead to increased glucose uptake into fat cells, contributing to obesity and obesity-related disorders such as Prader-Willi Syndrome (PWS).NM-136, an anti-GIP humanized monoclonal antibody.9 Meters plans to continue the manufacturing optimization and IND-enabling studies and conduct a clinical proof-of-concept study in PWS in 2023.Deal consideration includes 40% cash and 60% equity consideration in the form of a $5 million upfront payment, plus contingent payments of up to $45.5 million, global sales-related milestone payments totaling up to $50 million, and a mid-single-digit sales royalty.Price Action: NMTR shares are down 1.39% at $1.065 during the market session on the last check Monday.

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