Xencor signs cancer-drug deal with Novartis; its stock surges 32%

June 28, 2016 10:23 PM

25 0

Shares of Los Angeles-area biotech firm Xencor Inc. soared Tuesday by 32% after the company announced a deal with Swiss drug giant Novartis.

Under the agreement, Novartis will pay Xencor $150 million now and potentially much more in the future as the companies work to develop and commercialize two experimental cancer drugs.

Also watch: Instant Fantasy Baseball Reaction: Going from Tigers to Diamondbacks can only help J.D. Martinez's value

Read more

To category page