Foghorn Therapeutics experienced a significant boost in its shares following the announcement of a joint-venture arrangement with Eli Lilly. Under this partnership, Eli Lilly will be conducting clinical trials on one of Foghorn's cancer treatment candidates.
The specific product being tested is FHD-909, an oral medicine that functions as a Brahma Homolog inhibitor. It will be evaluated on patients diagnosed with non-small-cell lung cancer. Studies have indicated that the Brahma Homolog is linked to certain genetic mutations believed to be responsible for the development of cancer. In the second quarter, Lilly plans to submit an investigational new drug application to the U.S. Food and Drug Administration.
In December 2021, Foghorn and Lilly entered into a joint venture aimed at the development of oncology medicines. The partnership entails a 50/50 revenue split between the companies for the co-development and commercialization of products from Foghorn's Brahma Homolog inhibitor oncology program, as well as an undisclosed oncology target.
The news of this collaboration positively impacted Foghorn's shares, leading to a 12% increase in value, reaching $3.50.