Shares of Spero Therapeutics Inc. SPRO, +167.74% soared 188.4% in trading on Thursday morning after the company signed an exclusive license agreement with GlaxoSmithKline GSK, +0.81% for its experimental antibiotic for complicated urinary tract infections.
Spero’s therapy, tebipenem HBr, is expected to enter Phase 3 clinical trials next year. If approved, it would offer patients an oral medication option instead of in-hospital intravenous therapy, the companies said. Spero is receiving $66 million upfront, with at least $375 million in milestone payments. Spero’s stock is down 85.4% this year, while the S&P 500 SPX, -0.84% has declined 20.5%.