What Is Going on With Lava Therapeutics (LVTX) Stock Today?
Source: Shutterstock.com Lava Therapeutics (NASDAQ: LVTX ) stock is rocketing higher on Monday as investors react to news of an exclusive global license agreement with Seagen (NASDAQ: SGEN ). This agreement has Seagen agreeing to develop, manufacture and commercialize LAVA-1223. This is an advanced preclinical asset that makes use of Lava Therapeutics’ proprietary Gammabody technology. This allows it to target epidermal growth factor receptor (EGFR)-expressing solid tumors. That agreement has Seagen making an upfront payment of $50 million to Laval Therapeutics. It also includes up to $650 million in payments from development, regulatory and commercial milestones. To go along with that, Seagen will also be paying Lava Therapeutics royalties on sales of the drug. The royalty rate ranges from single digits to the mid-teens. LTVX’s CEO Comments on the Agreement Stephen Hurly, president and CEO of Lava Therapeutics, said the following about the deal. This agreement enables LAVA to further validate its platform in a second solid tumor product candidate, bringing us closer toward our goal of generating effective Gammabody medicines for cancer patients.
What Is Going on With Lava Therapeutics (LVTX) Stock Today?
Source: Shutterstock.com Lava Therapeutics (NASDAQ: LVTX ) stock is rocketing higher on Monday as investors react to news of an exclusive global license agreement with Seagen (NASDAQ: SGEN ). This agreement has Seagen agreeing to develop, manufacture and commercialize LAVA-1223. This is an advanced preclinical asset that makes use of Lava Therapeutics’ proprietary Gammabody technology. This allows it to target epidermal growth factor receptor (EGFR)-expressing solid tumors. That agreement has Seagen making an upfront payment of $50 million to Laval Therapeutics. It also includes up to $650 million in payments from development, regulatory and commercial milestones. To go along with that, Seagen will also be paying Lava Therapeutics royalties on sales of the drug. The royalty rate ranges from single digits to the mid-teens. LTVX’s CEO Comments on the Agreement Stephen Hurly, president and CEO of Lava Therapeutics, said the following about the deal. This agreement enables LAVA to further validate its platform in a second solid tumor product candidate, bringing us closer toward our goal of generating effective Gammabody medicines for cancer patients.