LAVA Therapeutics N.V. (NASDAQ: LVTX) is engaged as a clinical-stage oncology company, which is focused on the research and development of bispecific gamma delta T-cell engagers utilizing its proprietary Gammabody platform to treat tumors. Shares of the biotechnology company are skyrocketing 96% through early trading on Monday, September 26, 2022. Over the past three months, LAVA Therapeutics has seen average daily volume of 5,610 shares. However, volume of 27.29 million shares or dollar volume of around $128.81 million, has already exchanged hands through early trading.
Shares of LAVA Therapeutics are surging after the company announced that it has entered into an exclusive global license agreement with Seagen, Inc. (NASDAQ: SGEN) to further develop and commercialize LAVA-1223, a bispecific T-cell engager designed to target and activate gamma delta T-cells in solid tumors. LAVA-1223 remains a preclinical asset, which was developed using LAVA Therapeutics’ proprietary Gammabody technology.
Under the terms of the licensing agreement, Seagen will obtain an exclusive global license for the preclinical asset and will pay LAVA Therapeutics $50 million upfront. LAVA could earn up to $650 million from the deal when considering milestones and royalties. Seagen will also have the ability to exclusively negotiate rights to apply the Gammabody platform to target up to an additional two tumor targets.
“LAVA is pioneering the development of gamma delta bispecific antibodies to treat cancer, and we are pleased to work with Seagen in this pursuit. The combination of LAVA’s proprietary Gammabody platform and deep bispecific expertise, with Seagen’s leadership in developing targeted therapies for cancer and commercialization infrastructure, makes this an ideal partnership to advance novel therapies for patients,” said Stephen Hurly, President and Chief Executive Officer of LAVA Therapeutics. “This agreement enables LAVA to further validate its platform in a second solid tumor product candidate, bringing us closer toward our goal of generating effective Gammabody medicines for cancer patients. We look forward to working with Seagen to develop potential next generation cancer treatments.”
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