CytomX Therapeutics (NASDAQ:CTMX) stock is rising higher on Wednesday after announcing a partnership with Regeneron Pharmaceuticals (NASDAQ:REGN).
This strategic partnership will see the two companies working together on the development of cancer therapies. This will make use of CytomX Therapeutics’ Probody platform and Regeneron Pharmaceuticals’ Veloci-Bi antibody development platform.
The benefits of this agreement include the possibility of treating more tumor types. The two platforms in development could widen the therapeutic window and minimize off-target effects for T-cell-engaging therapies.
Sean McCarthy, chairman and CEO of CytomX Therapeutics, said the following about the deal.
“We are thrilled that our scientific expertise has attracted Regeneron as our newest collaborator, and we look forward to working closely together to further optimize T-cell engager strategies and push the boundaries of cancer immunotherapy to new levels.”
Details of the Partnership
The agreement has Regeneron Pharmaceuticals agreeing to fund the preclinical, clinical development, and commercialization. That has CytomX Therapeutics receiving an upfront payment of $30 million. It’s also eligible for additional payments of up to $2 billion, as well as royalties.
CTMX stock is seeing heavy trading on today’s news. That has some 23 million shares changing hands as of this writing. The company’s daily average trading volume is about 445,000 shares.
CTMX stock is up 28.9% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.