Affimed NV (NASDAQ:AFMD)
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2 Years : From Oct 2017 to Oct 2019
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 firstname.lastname@example.org
(END) Dow Jones Newswires
August 27, 2018 17:39 ET (21:39 GMT)
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