Affimed Announces Collaboration with Genentech, Shares Rocket After Hours
August 27 2018 - 5:54PM
Dow Jones News
By Stephen Nakrosis
Affimed N.V. (AFMD) said Monday announced it entered into a
strategic collaboration agreement with Genentech "to develop and
commercialize novel NK cell engager-based immunotherapeutics to
treat multiple cancers."
Following the announcement, shares of Affimed rose 140.63% in
after-hours trading, to $3.90, on very heavy volume.
Under the terms of the agreement, Affimed will use its
proprietary Redirected Optimized Cell Killing platform "to discover
and advance innate immune cell engager-based immunotherapeutics of
interest to Genentech." Affimed and Genentech will collaborate on
the discovery, early research and late-stage research phases.
Genentech, which is a member of the Roche Group (RHHBY), will be
responsible for clinical development and commercialization
world-wide, Affimed said.
Affimed also said they would receive $96 million in an initial
upfront payment and other near-term committed funding. Affimed is
also eligible for up to an additional $5 billion including
milestone payments, and royalties on sales.
"This collaboration is based on Affimed's innate immune cell
drug discovery and development expertise and our team's deep
understanding of cancer immunology," commented James Sabry, M.D.,
Ph.D., Global Head of Partnering, Roche. "Our partnership with
Affimed provides an opportunity to enhance our existing efforts to
understand how the immune system can be activated to help people
living with cancer."
Dr. Adi Hoess, Affimed's Chief Executive, said "We are
incredibly excited to work with Genentech, a leader in oncology
with a long history of excellence in the discovery and development
of medicines to treat cancer."
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
August 27, 2018 17:39 ET (21:39 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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