CTMX Soars On Deal With Regeneron To Develop Conditionally-activated Bispecific Cancer Therapies

(RTTNews) - CytomX Therapeutics Inc. (CTMX) and Regeneron Pharmaceuticals Inc. (REGN), on Thursday, announced a collaboration and licensing agreement to develop conditionally-activated investigational bispecific cancer therapies.

The proposed therapies will be based on CytomX's Probody therapeutic platform and Regeneron's Veloci-Bi bispecific antibody development platform.

As part of the deal, Regeneron will be responsible for funding preclinical and clinical development and commercialization activities.

CytomX will receive an upfront payment of $30 million. In addition, it will be eligible to receive future target milestone payments of up to $2 billion and tiered global net sales royalties.

CTMX is trading up by 22.31 percent at $1.48 per share in pre-market on the Nasdaq.