Spero Inks $105M Financing, $1.1B Innovent Licensing Deal

Spero Therapeutics (SPRO) shares gained in the premarket Tuesday after the company announced a $105 million financing deal with Healthcare Royalty (HCRX) and a licensing agreement with Innovent Biologics (IVBIY) valued at up to $1.1 billion.

The financing provides Spero with near-term cash. The Innovent deal gives Spero rights to an antibody therapy for a disclosed indication, with milestone payments tied to development and commercial milestones.

Spero said the combined capital would extend its cash runway through key clinical readouts. The company did not specify which Innovent program is covered by the license or the exact split between equity and debt in the Healthcare Royalty financing.

Shares were up 12% in premarket trading, though volume was thin ahead of the open. The stock has lost roughly half its value over the past 12 months, according to exchange data.