Advaxis Shares Higher on Collaboration Deal With Amgen
August 02 2016 - 10:28AM
Dow Jones News
By Tess Stynes
Advaxis Inc. (ADXS) reached a collaboration agreement with Amgen
Inc. (AMGN) to advance the biotech drug developer's preclinical
investigational cancer immunotherapy in a deal potentially valued
at $540 million.
Princeton, N.J.-based Advaxis's shares rose 26% to $10.71 in
early trading.
Under the agreement, Thousand Oaks, Calif.-based Amgen received
exclusive global rights to develop and commercialize the
personalized immunotherapy--known as ADXS-neo--which aims to
activate a patient's immune system to fight unique mutations found
in the individual's tumor.
Advaxis will receive an upfront payment of $40 million and is
eligible for milestone payments of as much as $475 million. Amgen
also will buy $25 million worth of Advaxis stock.
Like many other drugmakers, Amgen has been counting on
introductions of new medicines, along with cost-cutting, as some of
the company's older biotech drugs face competition from
lower-priced treatments.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
August 02, 2016 10:13 ET (14:13 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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