Why CytomX (CTMX) Shares Are Jumping Today - Regeneron Pharmaceuticals (NASDAQ:REGN)

CytomX Therapeutics Inc CTMX and Regeneron Pharmaceuticals Inc REGN announced a collaboration and licensing agreement to create conditionally-activated bispecific cancer therapies.
The collaboration will utilize CytomX's Probody therapeutic platform and Regeneron's Veloci-Bi bispecific antibody development platform.
Under the agreement, Regeneron and CytomX will collaborate on the discovery activities to identify and validate conditionally active bispecific antibodies.
Regeneron will be responsible for funding preclinical and clinical development and commercialization activities.
CytomX will receive an upfront payment of $30 million and will be eligible to receive future target nomination payments and preclinical, clinical, and commercial milestones of up to $2 billion.
CytomX is also eligible to receive tiered global net sales royalties.
In July, CytomX Therapeutics restructured its business to prioritize internal investments in its emerging preclinical and early clinical pipeline.
The company cut 40% of its workforce. The changes are expected to extend the company's cash runway into 2025.
Price Action: CTMX shares are up 24.43% at $1.5057 on the last check Thursday.