Here's Why ProQR Stock Surged on Thursday

What happened

Shares of ProQR Inc. (NASDAQ:PRQR), a clinical-stage biopharmaceutical company, soared 28% Thursday morning after announcing a new collaboration deal with Eli Lilly (NYSE:LLY). Excitement for the deal cooled off in the afternoon, and the stock finished the day 12.5% higher.

So what 

Eli Lilly agreed to pay ProQR up to $1.3 billion to develop RNA editing drugs aimed at up to five separate therapeutic targets. The deal is heavily backloaded with just $50 million upfront and approximately $1.25 billion in potential milestone payments.

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