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CytomX Therapeutics shares shoot higher as it says it will receive a US$200mln upfront payment from Bristol-Myers Squibb

Monday, March 20, 2017 7:49
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CytomX Therapeutics Inc (NASDAQ:CTMX) saw its shares shoot almost 25% higher in early New York trading after the biotech firm said it would receive a US$200mln upfront payment from drugs giant Bristol-Myers Squibb Co. (NYSE:BMY).

The payment is part of the expansion of a collaboration pact to discover cancer treatments using CytomX’s Probody platform.

CytomX will also be eligible to receive up to US$448mln in milestone payments, as well as royalty payments, if development, regulatory and sales targets are met.

Bristol-Myers’ head of discovery, Carl Decicco, said: “CytomX’s Probody platform has enhanced our discovery research as we seek to direct the therapeutic effects of immunotherapy in a more targeted approach against tumor.”

CytomX’s shares, which have gained 32% over the past three months, were up 23.7% to US$18.78 in early morning trade.

Story by ProactiveInvestors


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