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(Alliance News) - Scancell Holdings PLC shares soared on Tuesday, as the cancer immunotherapies developer announced a licensing agreement with biotechnology company Genmab.
Shares in the Nottingham, England-based firm were 28% higher at 16.74 pence each in London on Tuesday. Genmab shares were trading 0.8% higher at DKK2,832.00 each in Copenhagen. It has a market capitalisation DKK179.32 billion, around GBP20.99 billion.
Copenhagen-based Genmab now has the exclusive rights to develop and commercialise one of Scancell's investigational anti-glycan monoclonal antibody into novel therapeutic products. The products cover any and all potential disease areas, excluding cell therapy applications.
Scancell will be eligible for upfront payments, milestone payments of up to USD208 million for each product developed and commercialised up to a maximum of USD624 million, and "low single digit" royalties for products sold.
"The Scancell anti-glycan monoclonal antibody is a humanised antibody developed by Scancell, using its novel anti-cancer GlyMab platform. This is one of five monoclonal antibodies currently in Scancell's antibody portfolio which provides a rich reservoir of potential products for its own in house clinical development and also for further deals," the firm explained.
By Elizabeth Winter; elizabethwinter@alliancenews.com
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