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Shares of Compugen gain on US$200mln licensing deal for cancer treatments

Isreali drugmaker will get a US$10mln upfront payment from MedImmune in the deal

An AstraZeneca production plant
The stock gained 8.2% in pre-market trading

Compugen Ltd., (NASDAQ:CGEN) an Israeli drugmaker, rose in trading after yesterday agreeing to an exclusive licensing deal worth as much as US$200mln with a division of AstraZeneca PLC (LON:AZN) to develop antibody products aimed at treating cancer.

The stock gained 2.4% to US$4.35, giving the company a market value of about US$222mln.

Monetizes specific scientific advances

The AstraZeneca unit, MedImmune, will provide an upfront payment of US$10mln to Compugen, giving it the right to “create multiple products” and be “solely responsible for all research, development and commercial activities,” Compugen said in a statement on its website.

“This licensing deal allows us to monetize specific scientific advances in our programs,” Anat Cohen-Dayag, Compugen’s chief executive officer, said in the statement.

Quick facts: Compugen Ltd.

Price: 5.6 USD

NASDAQ:CGEN
Market: NASDAQ
Market Cap: $349.41 m
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