Iovance Shares Down 10% After Licensing Drug From Novartis
January 13 2020 - 1:12PM
Dow Jones News
By Chris Wack
Iovance Biotherapeutics Inc. (IOVA) shares dropped 10% to $3.65
Monday after the company said it obtained a license from Novartis
(NVS) to develop and commercialize an antibody cytokine engrafted
protein, referred to as IOV-3001.
The biotechnology company said it will make an up-front payment
to Novartis as well as low single digit milestones involved in the
initiation of patient dosing in various phases of clinical
development for IOV-3001 and approval of the product in the U.S.,
EU and Japan.
Iovance said Novartis also is entitled to low-to-mid single
digit royalties from commercial sales of the product.
Iovance said it will focus on manufacturing of IOV-3001 during
2020 and may initiate Investigational New Drug-enabling activities
as early as 2021.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
January 13, 2020 12:57 ET (17:57 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Novartis (NYSE:NVS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Novartis (NYSE:NVS)
Historical Stock Chart
From Apr 2023 to Apr 2024
