Compugen Ltd., (NASDAQ:CGEN) an Israeli drugmaker, rose in trading after yesterday agreeing to an exclusive licensing deal worth as much as US$200mln with a division of AstraZeneca PLC (LON:AZN) to develop antibody products aimed at treating cancer.
The stock gained 2.4% to US$4.35, giving the company a market value of about US$222mln.
Monetizes specific scientific advances
The AstraZeneca unit, MedImmune, will provide an upfront payment of US$10mln to Compugen, giving it the right to “create multiple products” and be “solely responsible for all research, development and commercial activities,” Compugen said in a statement on its website.
“This licensing deal allows us to monetize specific scientific advances in our programs,” Anat Cohen-Dayag, Compugen’s chief executive officer, said in the statement.