The shares of Precision BioSciences (ASX:DTIL) have marked a rise of 21.6% to $0.64 in the premarket trading after the drug developer completed a transaction with Imugene for global rights to its lead cancer therapy.

As per the approved agreement, Precision BioSciences (ASX:DTIL) is to receive $227 million in upfront and milestone payments.

These upfront payments and reduced operating costs extend the cash runway of the company through the third quarter of 2025.

It is notable that the company’s stock had dropped around 55% year-to-date before this development.

Precision BioSciences (ASX:DTIL) is a drug developer primarily focused on developing cancer therapies.