Five Prime Therapeutics (FPRX +5%) is up out of the gate this morning, albeit on below-average volume, in reaction to its global license agreement with Seattle Genetics (SGEN N/A) aimed at developing and commercializing novel antibody-drug conjugates (ADCs) using Five Prime-developed monoclonal antibodies.
Under the terms of the deal, Five Prime will receive $5M upfront, up to $295M in milestones for the first ADC and tiered mid-single-digit royalties on net sales. It will apparently receive up to $230M in milestones for the second product ($525M – 295M).
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