Sangamo Therapeutics Surges on Therapy Collaboration Deal with Kite -- Market Mover

Shares in Sangamo Therapeutics Inc. are up 20% to $26.55 in afternoon trading after the company announced a deal with Gilead Sciences Inc.'s Kite to collaborate on developing new cell therapies to treat cancer.

Under the agreement Kite will provide Sangamo with $150 million upfront and up to $3.01 billion in payments across 10 or more products using Sangamo's technology based on reaching certain development and commercialization milestones.

In its fourth quarter, the company also beat analysts' expectations on its top and bottom line, where it posted a narrower per-share loss. Sangamo shares are up 620% from a year earlier, when they traded around $3.70. Over the past year, the iShares Nasdaq Biotechnology ETF has gained 14% and the SPDR S&P Biotech ETF has gained 37%. (bowdeya.tweh@wsj.com; @BowKnowsBiz)

(END) Dow Jones Newswires

February 22, 2018 12:26 ET (17:26 GMT)

Sangamo Therapeutics (NASDAQ:SGMO)
Historical Stock Chart
From Aug 2024 to Sep 2024