Immunomedics spikes 20% in pre-market on licensing agreement
Shares of Immunomedics, Inc. (Nasdaq:IMMU) jumped 20% in pre-market trading after the biopharmaceutical company said it secured a license and collaboration agreement with Nycomed GmbH. Specifically, Immunomedics has granted Nycomed a license to develop and commercialize veltuzumab, Immunomedics' humanized antibody used for the treatment of all non-cancer indications.
Immunomedics will receive a non refundable initial cash payment of $40 million and could receive potential cash milestone payments of up to $580 million upon completion of certain clinical, regulatory, and sales-based milestones.
Shares gained 22%, or $0.48, to $2.68 in pre-market trading. For detailed price information and recent news stories about Immunomedics, click IMMU.
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