Scancell Holdings PLC (AIM:SCLP, OTC:SCNLF) shares are up 9% this Wednesday after the clinical-stage biotech company announced a licensing agreement with Genmab (CSE:GEN) worth up to $630 million in payments.
The agreement grants Genmab exclusive global rights to develop and commercialise a monoclonal antibody from Scancell’s GlyMab platform.
It includes an upfront payment and milestone payments tied to development, regulatory, and commercial goals.
"The commercial license agreement follows an exclusive evaluation period, which further validates that our Glymab antibody platform can generate novel, differentiated, highly tumour-specific antibodies for therapeutic development.
"We are positive about continuing to work with Genmab and providing further updates to the market on both agreements as they progress,” said Scancell’s chief science officer Lindy Durrant.
Shares were swapping for 14.17p at the time of writing.