By Manas Mishra
(Reuters) - U.S. drugmaker Gilead Sciences Inc will use Sangamo Therapeutics Inc's gene-editing technology to develop cancer treatments in a deal potentially worth about $3 billion to Sangamo, the companies said on Thursday.
The deal is the latest by a major drugmaker looking to develop lucrative gene therapies that have the potential to treat ailments by directly targeting disease-causing genes.
Shares of California biotech firm Sangamo jumped more than 20 percent to a 17-year high of $27.30 on Thursday morning.
"These are indeed exciting times in the field of genome-editing and gene therapy," Sangamo Chief Executive Officer Sandy Macrae said on a call with analysts.
In December, Luxturna, a treatment for a rare disease that causes blindness, became the first gene therapy for an inherited disease to get U.S. regulatory approval.
The treatment, developed by Philadelphia-based Spark Therapeutics Inc, is expected to be priced at $850,000.
Source
: Yahoo News
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