Sign up USA
Proactive Investors - Run By Investors For Investors

CytomX Therapeutics shoots higher as it's set for US$200mln upfront payment from Bristol-Myers Squibb

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

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.



Register here to be notified of future CTMX Company articles
View full CTMX profile View Profile

Related Articles

GW_Pharma.png
January 11 2017
“[We are] entering a very exciting phase, which should result in the crystallisation of substantial value,” said chief executive, Dr Satu Vainikka.
brain-scan.jpg
May 22 2017
In the six months ended March, revenues increased 31% to £2mln
The Hydroponics Company: Access latest PPT from Proactive's CEO Sessions
May 18 2017
Dr Andrew Beehag talked medical cannabis products and pathways with investors.
Copyright © Proactiveinvestors.com, 2017. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use