Compugen soars on news of COM701 collaboration
Israel-based Compugen (Nasdaq: CGEN) saw its share leap 18% in pre-market trading on news of a collaboration with a US pharma major on COM701, an investigational anti-PVRIG antibody.
Compugen has entered into a clinical trial collaboration with Bristol-Myers Squibb (NYSE: BMY) to evaluate the safety and tolerability of COM701 with B-MS’ programmed death-1 (PD-1) immune checkpoint inhibitor Opdivo(nivolumab), in patients with advanced solid tumors. In conjunction with this collaboration, Bristol-Myers Squibb will make a $12 million equity investment in Compugen.
Under the terms of the share purchase agreement, Bristol-Myers will make a $12 million investment in Compugen comprised of 2,424,243 shares - equal to a 4.1% stake - of Compugen stock purchased at $4.95 per share, representing a 33% premium over the average closing price on the last 20 Nasdaq trading days.
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