Halozyme Therapeutics Inc (NASDAQ:HALO) stock is set to surge in Thursday’s early deals thanks to a licensing deal with Bristol-Myers Squibb Co (NYSE:BMY) for immuno-oncology medicines.
The Nasdaq-quoted firm will bank US$105mln upfront, a further US$160mln in milestone payments as the clinical work advances, and will receive a share of future revenues.
As a result of the deal, Halozyme significantly upgrades its revenue guidance to US$245-US$260mln, up from US$115-130mln.
In pre-market, Halozyme shares were up US$1.70 or 13% to US$14.88 per share.
Shares gained almost 18% to $15.55.