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CytomX Shares Move Higher On Collaborating Pact With This Famed COVID-19 Vaccine Maker

Benzinga · 01/06/2023 10:30
  • Moderna Inc (NASDAQ:MRNA) and CytomX Therapeutics Inc (NASDAQ: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 (NASDAQ:REGN) for conditionally-activated bispecific cancer therapies.
  • Price Action: CTMX shares are up 45.30% at $2.60 on the last check Friday.