CytomX Shares Jump After Cancer Therapy Pact With Pharma Major Regeneron

  • CytomX Therapeutics Inc CTMX and Regeneron Pharmaceuticals Inc REGN announced a collaboration and licensing agreement to create conditionally-activated bispecific cancer therapies.
  • The collaboration will utilize CytomX's Probody therapeutic platform and Regeneron's Veloci-Bi bispecific antibody development platform.
  • Under the agreement, Regeneron and CytomX will collaborate on the discovery activities to identify and validate conditionally active bispecific antibodies. 
  • Regeneron will be responsible for funding preclinical and clinical development and commercialization activities. 
  • CytomX will receive an upfront payment of $30 million and will be eligible to receive future target nomination payments and preclinical, clinical, and commercial milestones of up to $2 billion. 
  • CytomX is also eligible to receive tiered global net sales royalties.
  • In July, CytomX Therapeutics restructured its business to prioritize internal investments in its emerging preclinical and early clinical pipeline.
  • The company cut 40% of its workforce. The changes are expected to extend the company's cash runway into 2025.
  • Price Action: CTMX shares are up 24.43% at $1.5057 on the last check Thursday.
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