A broad licensing and research alliance will hand Sarepta four clinical-stage candidates, while Arrowhead receives $500 million in cash and another $325 million in equity.

Arrowhead Pharmaceuticals (ARWR) stock surges 21% in premarket after $825M licensing deal with Sarepta (SRPT) for rare genetic disease treatments. Read more here.

Shares of Arrowhead Pharmaceuticals ($ARWR) surged as much as 22% in pre-market trading on Tuesday after announcing a $825 million deal with Sarepta Therapeutics ($SRPT), which saw a 3% uptick. Arrowhead is also expected to report its fourth-quarter earnings after the bell.