CytomX shares soar +50% on collaboration with Moderna to make mRNA-based therapies (update)
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Updates CTMX share movement after hours.
CytomX Therapeutics (NASDAQ:CTMX) and Moderna (NASDAQ:MRNA) have entered into a collaboration and licensing agreement to create mRNA-based therapies using their technologies.
The collaboration will combine Moderna's (MRNA) mRNA technology with CTMX's Probody platform to develop therapies for oncology and non-oncology conditions, the companies said in a statement on Thursday.
As per the agreement, CTMX will get an upfront payment of $35M, including $5M of pre-paid research funding.
CTMX is eligible to get up to about $1.2B in future development, regulatory and commercial milestone payments.
Shares of CytomX (CTMX) jumped more than 50% in aftermarket trade.
"Moderna and CytomX will collaborate on discovery and pre-clinical development and Moderna will lead clinical development and commercialization of therapeutics resulting from the agreement," the companies said.
The agreement also provides MRNA with an option to take part in any future equity financing by CTMX.
Moderna (MRNA) shares earlier closed -2.2% at $173.51.