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Lava Therapeutics (NASDAQ:LVTX) stock is rocketing higher on Monday as investors react to news of an exclusive global license agreement with Seagen(NASDAQ:SGEN).
This agreement has Seagen agreeing to develop, manufacture and commercialize LAVA-1223. This is an advanced preclinical asset that makes use of Lava Therapeutics' proprietary Gammabody technology. This allows it to target epidermal growth factor receptor (EGFR)-expressing solid tumors.
That agreement has Seagen making an upfront payment of $50 million to Laval Therapeutics. It also includes up to $650 million in payments from development, regulatory and commercial milestones.
To go along with that, Seagen will also be paying Lava Therapeutics royalties on sales of the drug. The royalty rate ranges from single digits to the mid-teens.
LTVX's CEO Comments on the Agreement
Stephen Hurly, president and CEO of Lava Therapeutics, said the following about the deal.
"This agreement enables LAVA to further validate its platform in a second solid tumor product candidate, bringing us closer toward our goal of generating effective Gammabody medicines for cancer patients. We look forward to working with Seagen to develop potential next generation cancer treatments."
Today's news has shares of LVTX stock seeing heavy trading. As of this writing, over 23 million shares have changed hands. That's well above its daily average trading volume of only around 5,600 shares.
LVTX stock is up 100.1% as of Monday morning but is still down 22.1% year-to-date.
There's more stock market news traders will want to know about below!
We've got all of the latest stock market coverage investors need to know about on Monday! A few examples include the news moving shares of XPeng (NYSE:XPEV) and Bed Bath & Beyond (NASDAQ:BBBY) stock, as well as short squeeze targets for the week. You can get up to speed on all of that at the following links!
More Monday Stock Market News
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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