Medigene stock jumps on bluebird deal expansion
Shares in MediGene (ETR: MDG1) closed 10% up on Monday at 15.51 euros after the German biotech announced the expansion of its strategic alliance with bluebird bio, a USA-based specialist in gene and cell therapies.
The number of T cell receptor (TCR) projects in the collaboration is to increase from four to six, with Medigene receiving an additional one-time payment of $8 million as well as increased R&D funding and potential milestone payments to reflect this extended scope.
Medigene has improved cash guidance for 2018, with chief executive and chief scientific officer Dolores Schendel saying: “We are delighted to broaden this outstanding collaboration for the joint research and discovery of TCR lead candidates designed for the treatment of multiple cancer indications.
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