TScan Therapeutics surges on licensing deal with Amgen

Tscan Therapeutics

09/05/2023 18:29

(Updates)
    ** Shares of drug developer TScan Therapeutics Inc  TCRX.O 
more than double to hit a 14-month high of about $5
    ** TCRX enters into a multi-year deal with Amgen Inc
 AMGN.O  which allows AMGN to use TCRX's proprietary technology
to develop drugs to treat a type of inflammatory bowel disease
called Crohn's disease   
    ** Under the deal, TCRX will receive a $30 million upfront
payment with potential development and commercial milestone
payments of over $500 million 
    ** AMGN will create drugs based on targets discovered by
TScan's TargetScan platform and will retain all global
development and commercial rights - TCRX
    ** AMGN also has the option to expand the deal to ulcerative
colitis, under certain terms -TCRX
    ** Including session gains, stock up 226.5% YTD

 (Reporting by Mariam Sunny and Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))