Xencor jumps after bispecific antibody deal with Novartis

Xencor Inc. (NASDAQ:XNCR) gained $4.02 (32%) to $16.56 on Tuesday after granting Novartis AG (NYSE:NVS; SIX:NOVN) rights to develop bispecific antibodies using Xencor's technology, including ex-U.S. rights to two immuno-oncology programs that the partners expect to enter the clinic this year.

The companies will collaborate and share worldwide development costs for those two programs, Xencor's XmAb14045 and XmAb13676. Xencor will retain U.S. rights to both compounds, and will be eligible for tiered, low double-digit royalties on ex-U.S. sales. XmAb14045 is a bispecific antibody against CD3 and CD123 in development for acute myelogenous leukemia (AML). XmAb13676 is a bispecific antibody against CD20 and CD3 in development for B cell malignancies. ...