Alto Neuroscience gains on depression drug acquisition deal

Shares of drug developer Alto Neuroscience ANRO.N rise 17% to $3.04 premarket

Alto says it has acquired a depression drug, ALTO-207, from Washington-based firm Chase Therapeutics

Deal includes an upfront payment of $1.75 mln with potential future payments of up to $71.5 mln to Chase, based on development and commercial milestones

ALTO-207 combines pramipexole, a drug used to treat Parkinson's disease, with ondansetron, to treat resistant depression, co says

As of last close, stock down 38.5% YTD