Compugen signs development deal with Bayer; shares soar

|About: Compugen Ltd. (CGEN)|By:, SA News Editor

Compugen (CGEN +58%) rockets higher after signing a deal with Bayer HealthCare (BAYZF.PK) for two projects to develop antibody-based immunotherapies for cancer

Under the deal, Bayer will get worldwide commercialization rights for any treatments that are produced.

Compugen will receive $10M upfront and over $530M in milestones, as well as mid-high single-digit royalties on sales of any products.

Antibody-based immunotherapies are designed to stimulate the body's immune cells to fight cancer. (PR)