CytomX rockets on news of Astellas link up on bispecific therapies for cancer

25 March 2020

US oncology biotech CytomX Therapeutics (Nasdaq: CTMX) and Japan’s Astellas Pharma (TYO: 4503) have entered into a strategic collaboration agreement focused on the discovery, research, development and commercialization of novel T-cell engaging bispecific antibodies targeting CD3 and tumor cell surface antigens for the treatment of cancer.

The parties will utilize CytomX’ Probody therapeutic technology platform, as well as its proprietary bispecific formats and CD3 modules, with news of the deal sending CytomX’ shares flying over 32% to $6.53 by close of trading on Tuesday and moving up a further 11.8% to $7.30 pre-market today.

Under the agreement, CytomX and Astellas will collaborate on several initial programs. CytomX will lead research and discovery activities, up to clinical candidate selection, that will be funded by Astellas. Astellas will lead and fund pre-clinical and clinical development and commercialization activities.

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