LAVA Therapeutics Skyrockets After Cancer Agreement With Seagen - SEAGEN INC COM (NASDAQ:SGEN)

Seagen Inc SGEN has announced an exclusive license agreement to develop, manufacture and commercialize LAVA Therapeutics N.V.'s LVTX LAVA-1223.
LAVA-1223 is a preclinical asset that utilizes LAVA's proprietary Gammabody technology to target epidermal growth factor receptor (EGFR)-expressing solid tumors.
Under the terms of the agreement, Seagen will pay $50 million upfront, up to approximately $650 million in potential milestone payments.
Also Read: LAVA Therapeutics Highlights Encouraging Clinical Updates on Lead Cancer Program.
The agreement also allows Seagen to exclusively negotiate rights to apply LAVA's proprietary Gammabody platform on up to two additional tumor targets.
LAVA-1223 employs a targeted approach designed to amplify natural tumor recognition by directing gamma delta T cells to the EGFR+ tumor to kill target cells and trigger immune activation while minimizing the impact on normal antigen-expressing tissue.
Activating the adaptive immune system with this approach can provide durable immune responses and possibly enhance patient survival.
Price Action: LVTX shares are up 119.2% at $5.26 during the premarket session on the last check Monday.