Iovance shares dropped 10% to $3.65 Monday after the company said it obtained a license from Novartis to develop and commercialize an antibody cytokine engrafted protein, referred to as IOV-3001.
The biotechnology company said it will make an up-front payment to Novartis as well as low single digit milestones involved in the initiation of patient dosing in various phases of clinical development for IOV-3001 and approval of the product in the U.S., EU and Japan.
Iovance said Novartis also is entitled to low-to-mid single digit royalties from commercial sales of the product.
Iovance said it will focus on manufacturing of IOV-3001 during 2020 and may initiate Investigational New Drug-enabling activities as early as 2021.
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