Update: Prime Medicine Receives Favorable Ruling in Beam Therapeutics License Arbitration; Shares Rise
(Updates with share movement in the headline and the fourth paragraph.)Prime Medicine (PRME) said Wednesday it received a favorable, binding arbitration ruling in its dispute with Beam Therapeutics (BEAM) over the companies' 2019 collaboration and license agreement.The tribunal ruled that Prime's PM647 investigational treatment for Alpha-1 Antitrypsin Deficiency falls within the company's "field" under the agreement, meaning Prime did not breach the contract and owes no monetary damages to Beam Therapeutics.The company said it plans to submit an investigational new drug application and/or a clinical trial application for PM647 in Q3, with initial clinical data expected in 2027.Shares of Prime Medicine were up nearly 20% in Wednesday afternoon trading.Price: $4.78, Change: $+0.79, Percent Change: +19.82%
