Compugen inks I-O deal worth over $210 million with AZ unit
Israel-based Compugen (Nasdaq: CGEN) has entered into an exclusive license agreement with MedImmune, the biologics R&D arm of AstraZeneca (LSE: AZN), to enable the development of bi-specific and multi-specific immuno-oncology antibody products.
News of the deal sent shares of Compugen up 13% premarket on Monday to 1,625 shekels, but fell back as trading continued.
Under the terms of the accord, Compugen will provide an exclusive license to MedImmune for the development of bi-specific and multi-specific antibody products derived from a Compugen pipeline program. MedImmune has the right to create multiple products under this license and will be solely responsible for all research, development and commercial activities under the agreement.
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