CTMX CytomX Therapeutics Inc

By Colin Kellaher

Shares of CytomX Therapeutics Inc. jumped more than 25% Thursday after the clinical-stage biopharmaceutical company unveiled a cancer-therapy collaboration potentially worth more than $2 billion with Regeneron Pharmaceuticals Inc.

CytomX, based in South San Francisco, Calif., will receive an initial $30 million from Regeneron as part of the partnership aimed at developing investigational bispecific immunotherapies.

The companies said they plan to apply CytomX's biologic masking strategies to develop investigational Regeneron bispecifics that remain dormant until activated by proteases in the tumor microenvironment.

Regeneron, a Tarrytown, N.Y., biotechnology company, and CytomX said the technology has the potential to widen the therapeutic window and help minimize off-target effects for the T-cell engaging therapies, potentially addressing tumor types that have historically been unresponsive to immunotherapy.

CytomX, which already has collaborations with AbbVie Inc. and Bristol Myers Squibb Co., is eligible for up to $2 billion in milestone payment under the Regeneron deal, along with royalties on sales.

The company reported cash, equivalents and investments of around $194.3 million as of Sept. 30.

CytomX shares, which hit an all-time low of $1.17 during Wednesday's session, were recently up more than 27% to $1.54.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

November 17, 2022 11:02 ET (16:02 GMT)

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