Per the financial terms, Novartis will make an upfront payment of $100 million to Voyager, including a $20 million purchase of newly issued equity in Voyager. Voyager is also eligible to receive up to $1.2 billion in preclinical, development, regulatory and sales milestones, as well as tiered royalties on global net sales of products that incorporate its TRACER capsids. In lieu, Novartis will obtain target-exclusive access to Voyager's TRACER capsids related to SMA for the duration of the agreement and will be responsible for all development and commercialization activities. Novartis will also receive worldwide rights to Voyager's adeno-associated virus gene therapy for HD, leveraging VYGR's TRACER capsids and proprietary payloads. While Voyager will be responsible for preclinical advancement, Novartis will be responsible for all clinical development and commercialization of the HD program. Shares of Voyager skyrocketed more than 30% in pre-market trading on the deal announcement.