Thinly traded nano cap Aptevo Therapeutics (APVO +45.0%) jumps on a whopping 292x surge in volume in reaction to its announcement that it will receive a royalty on sales of Pfizer’s (PFE +0.3%) rituxan biosimilar, Ruxience (rituximab-pvvr), for a period of seven years from the product’s first commercial sale (Pfizer launched it in Q1).
The low single-digit royalty relates to an agreement Aptevo acquired as part of its spinoff from Emergent BioSolutions (EBS +2.1%) in 2016. The contract was originally executed between Trubion Pharmaceuticals (subsequently acquired by EBS) and Pfizer unit Wyeth.
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