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

June 28, 2016 10:23 PM

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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.

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