NEW YORK (Thomson Financial) - Shares of Immunomedics Inc. rallied in
premarket trading Monday after the company said it was in a licensing and
collaboration pact with Nycomed GmbH.
The stock, which closed Friday at $2.20, rose 17% to $2.57.
Under the terms of the agreement, Immunomedics will provide Nycomed a
worldwide license to develop, manufacture and commercialize veltuzumab, its
non-cancer indicator.
Immunomedics will receive an initial cash payment of $40 million and could
receive potential cash payments of up to $580 million based on the completion of
certain milestones, as well as escalating double-digit royalties on sales of the
drug. Nycomed will also reimburse Immunomedics for conducting the ongoing Phase
I and II trials for immune thrombocytopenic purpura indicators.
Ryan Vlastelica
rv/vj
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