TScan Therapeutics Shares Take Flight on Amgen Pact
10 May 2023 - 12:08AM
Dow Jones News
By Colin Kellaher
TScan Therapeutics shares surged on Tuesday after the
clinical-stage biopharmaceutical company said it entered a
collaboration potentially worth more than $500 million with
biotechnology company Amgen.
Shares of Waltham, Mass.-based TScan were recently changing
hands at $3.32, up nearly 48%, in early trading.
TScan said it would receive an upfront payment of $30 million
from Amgen, adding that it could earn more than $500 million in
success-based milestone payments, along royalty payments on sales
of products developed from the collaboration.
TScan and Amgen, based in Thousand Oaks, Calif., said they would
work together to discover new targets for the chronic inflammatory
bowel disorder Crohn's disease.
TScan ended 2022 with $120 million in cash and equivalents.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
May 09, 2023 09:53 ET (13:53 GMT)
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