Iovance Shares Down 10% After Licensing Drug From Novartis

Date : 01/13/2020 @ 6:12PM
Source : Dow Jones News
Stock : Iovance Biotherapeutics Inc (IOVA)
Quote : 32.91  -0.12 (-0.36%) @ 11:00PM
After Hours
Last Trade
Last $ 32.91 ◊ 0.00 (0.00%)

Iovance Shares Down 10% After Licensing Drug From Novartis

Iovance Biotherapeutics (NASDAQ:IOVA)
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By Chris Wack

 

Iovance Biotherapeutics Inc. (IOVA) shares dropped 10% to $3.65 Monday after the company said it obtained a license from Novartis (NVS) to develop and commercialize an antibody cytokine engrafted protein, referred to as IOV-3001.

The biotechnology company said it will make an up-front payment to Novartis as well as low single digit milestones involved in the initiation of patient dosing in various phases of clinical development for IOV-3001 and approval of the product in the U.S., EU and Japan.

Iovance said Novartis also is entitled to low-to-mid single digit royalties from commercial sales of the product.

Iovance said it will focus on manufacturing of IOV-3001 during 2020 and may initiate Investigational New Drug-enabling activities as early as 2021.

 

Write to Chris Wack at chris.wack@wsj.com

 

(END) Dow Jones Newswires

January 13, 2020 12:57 ET (17:57 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

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