Shares of LAVA Therapeutics NV soared 146% in premarket trading Monday after the biotechnology company said it has signed a global exclusive deal with Seagen Inc.
Seagen will develop and commervialize LAVA Therapeutics's Lava-1223 therapy, which targets solid tumors, the companies said.
Lava will make Seagen an upfront payment of $50 million, and Seagen will benefit from royalties and receive up to $650 million on achieving certain milestones, the companies said.
Shares of LAVA Therapeutics rose to $5.92 in pre-market trading after closing Friday at $2.40.
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