Business & Tech

Voyager Therapeutics gets $165 million in deal with California biotech

Voyager Therapeutics will get $165 million upfront from a California biotech that wants to help the Cambridge firm develop and market gene therapies for Parkinson’s disease and other severe neurological disorders.

Under the deal announced Tuesday, San Diego-based Neurocrine Biosciences will pay Voyager $115 million in cash and buy $50 million of Voyager’s stock at a share price of $11.96, roughly a 50 percent premium to its closing price of $8.04 Monday.

In exchange, Neurocrine will gain rights to Voyager’s experimental gene therapy for Parkinson’s disease and a second gene therapy for Friedreich’s ataxia, a rare, life-shortening and degenerative neuromuscular disorder.

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Neurocrine will also gain rights to two other Voyager drug development programs to be determined.

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Voyager’s stock surged more than 40 percent after the collaboration was made public.

Voyager is eligible to receive up to $1.7 billion from Neurocrine if the four programs meet certain development, regulatory, and marketing goals.

“Neurocrine Biosciences is an ideal partner, with its proven expertise developing and commercializing treatments for movement disorders and other neurological diseases,” said Andre Turenne, who joined Voyager as chief executive last June.

Jonathan Saltzman can be reached at jsaltzman@globe.com.