Why CytomX Therapeutics (CTMX) Shares Are Soaring Today - CytomX Therapeutics (NASDAQ:CTMX)

Moderna Inc MRNA and CytomX Therapeutics Inc CTMX announced a collaboration and licensing agreement to create mRNA-based conditionally activated therapies utilizing Moderna's mRNA technologies and CytomX's Probody therapeutic platform.
Under the terms of the agreement, CytomX will receive an upfront payment of $35 million, including $5 million of pre-paid research funding.
CytomX will continue to receive research funding and is eligible to receive up to approximately $1.2 billion in future development, regulatory, and commercial milestone payments.
CytomX is also eligible to receive tiered royalties on global net sales of any products that are commercialized under the agreement.
Moderna and CytomX will collaborate on the discovery and pre-clinical development, and Moderna will lead the clinical development and commercialization of therapeutics resulting from the agreement.
The agreement additionally provides Moderna with an option to participate in future equity financing by CytomX.
In November, CytomX announced an agreement with Regeneron Pharmaceuticals Inc REGN for conditionally-activated bispecific cancer therapies.
Price Action: CTMX shares are up 45.30% at $2.60 on the last check Friday.