Shares of Autolus Therapeutics Ltd. on Tuesday rose 14% after the U.K. leukemia drug maker announced the signing of collaboration agreement for the treatment of cancer with pharmaceutical company Bristol Myers Squibb Co.
In premarket trading, the stock was up $2.49 after it closed at $2.18 Monday. The shares have fallen more than 50% so far this year.
The biopharmaceutical will receive an upfront payment from Bristol Myers, with the potential to exercise option fees, development milestone payments and royalties, the company said without disclosing details.
Through the agreement, Autolus said it will grant Bristol Myers access to its Rituximab Safety Switch RQR8 to develop a selection of cell therapy programs for the treatment of cancer.
Bristol Myers will have the option to incorporate the RQR8 safety switch in additional cell therapy programs beyond the initial set of selected programs, the company said.
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