C4 Therapeutics rises on deal with Merck to develop cancer therapies

C4 Therapeutics

12/12/2023 13:29

** Shares of C4 Therapeutics  CCCC.O  rise 50% to $1.78
premarket, among top one-day pct gainers across U.S. stock
exchanges 
    ** Drug developer enters into an exclusive license and
collaboration agreement with Merck  MRK.N  to develop a class of
 cancer therapeutic agents that target cancer cells 
    ** CCCC will receive a $10 mln upfront payment from MRK, and
is eligible to receive milestone payments totaling about $600
mln 
    ** Under the agreement, Merck has an option to extend the
collaboration, making CCCC eligible to receive up to $2.5 bln in
potential payments 
    ** Seven of 11 brokerages rate the stock "buy" or higher, 3
"hold" and 1 "sell"; their median PT is $8.5 - LSEG
    ** Up to Monday's close, stock down 80% YTD, underperforming
a 5.1% decline in the Nasdaq Biotechnology Index  .NBI 

 (Reporting by Puyaan Singh)
 ((Puyaan.Singh@thomsonreuters.com;))