CytomX shares surge more than 50% on Moderna partnership
CytomX Therapeutics Inc.
shares soared more than 50% in the extended session Thursday after the small biotech company announced a partnership with Moderna Inc.
CytomX shares were last up 57% after hours, following a 7.2% rise to close the regular session at $1.79. Under the agreement, CytomX gets a $35 million up-front payment, and is eligible for up to $1.2 billion in additional payments to research and develop “messenger RNA-based conditionally activated therapeutics” with Moderna. The company also reported “encouraging clinical activity” in its CX-2029 clinical trials in partnership with AbbVie Inc.