Ebb & Flow

Xoma (XOMA) managed to more than double its cash via last week's licensing deal with Pfizer (PFE). Investors welcomed the news, boosting the shares $0.47 (20%) to $2.77 and a market cap of $365 million.

At June 30, XOMA had $24 million in cash. The PFE deal, under which the pharma received a non-exclusive worldwide license to use XOMA's bacterial cell expression (BCE) technology for phage display and other research, development and manufacturing of antibody products for undisclosed indications, will put another $30 million in the biotech's coffers. ...