LA-Based Xencor Nets $150M Deal To Work On Experimental Cancer Drugs
The biotech firm will partner with Swiss giant Novartis on drugs targeting acute myeloid leukemia and B-cell malignancies.
Xencor Signs Cancer-Drug Deal With Novartis; Its Stock Surges 32%
Shares of Los Angeles-area biotech firm Xencor Inc. soared Tuesday by 32% after the company announced a deal with Swiss drug giant Novartis. Under the agreement, Novartis will pay Xencor $150 million now and potentially much more in the future as the companies work to develop and commercialize two experimental cancer drugs. Monrovia-based Xencor will keep the rights to the drugs in the U.S. while Novartis will have those commercialization rights in the rest of the world. (Petersen, 6/28)