Why OPKO Health (OPK) Shares Are Gaining Today - OPKO Health (NASDAQ:OPK)

ModeX Therapeutics Inc, a unit of OPKO Health Inc OPK, entered into an exclusive worldwide license and collaboration agreement with Merck & Co Inc MRK to develop MDX-2201, ModeX's preclinical nanoparticle vaccine candidate targeting Epstein-Barr virus (EBV).
EBV is the leading cause of infectious mononucleosis and is also associated with some specific types of cancer.
"Targeting four proteins used by EBV to infect cells, this vaccine candidate embodies the novel multitargeting approach developed by ModeX scientists," said Gary Nabel, President & CEO of ModeX and Chief Innovation Officer of OPKO.
OPKO will receive an upfront payment of $50 million and is eligible for milestone payments associated with progress in the development and commercialization of MDX-2201 of up to $872.5 million and royalties on global sales.
ModeX and Merck will jointly advance MDX-2201 to an Investigational New Drug (IND) application filing, after which Merck will be responsible for clinical and regulatory activities and product commercialization.
Pre-IND filing activity will be guided by a joint steering committee comprised of representatives from both companies.
"We founded ModeX to develop innovative multispecific biologics for cancer and infectious diseases that target multifactorial pathways that cause illness," said Elias Zerhouni, M.D., President and Vice Chairman of OPKO.
Price Action: OPK shares are up 17.92% at $1.25 on the last check Wednesday.

OPKO Health's Cancer & Infectious Disease Focused Subsidiary Inks Vaccine Development Pact With Merck