CytomX Therapeutics Inc.’s stock
rocketed 25% toward a 14-month high in premarket trade Monday, after the company said it would receive a $200 million upfront payment from Bristol-Myers Squibb Co.
as part of the expansion of a collaboration pact to discover cancer treatments using CytomX’s Probody platform. CytomX will also be eligible to receive up to $448 million in milestone payments, as well as royalty payments, if development, regulatory and sales targets are met. “CytomX’s Probody platform has enhanced our discovery research as we seek to direct the therapeutic effects of immunotherapy in a more targeted approach against tumors,” said Bristol-Myers Head of Discovery Carl Decicco. CytomX’s stock had climbed 32% over the past three months through Friday, while Bristol-Myers shares had lost 4.8% and the S&P 500
had gained 4.7%.