Molecular Templates: Soars on deal with Bristol-Myers to develop cancer therapies

Molecular Templates

11/02/2021 13:16

** Shares of cancer drug developer  MTEM.O  up nearly 27% at
$15.50 premarket - set for near 8-mth high if gains hold
    ** MTEM enters research collaboration agreement with
drugmaker Bristol-Myers Squibb  BMY.O  to discover and develop
new cancer therapies using MTEM's next-gen platform  urn:newsml:reuters.com:*:nGNX8lzZyc
    ** BMY will make an up-front payment of $70 mln to MTEM, 
MTEM also eligible to receive milestone payments of up to about
$1.3 bln as well as tiered royalty payments on future sales
    ** MTEM to conduct research activities for the discovery of
therapies; BMY will have the option to obtain an exclusive
worldwide license to develop and commercialize therapies - cos
    ** MTEM had surged 36.4% YTD; BMY down 3.3% YTD as of last
close

 (Reporting by Amruta Khandekar)
 ((Amruta.Khandekar@thomsonreuters.com;))