Amgen licenses Advaxis' neoantigen therapy

Advaxis Inc. (NASDAQ:ADXS) jumped $2.61 (31%) to $11.08 on Tuesday after it granted Amgen Inc. (NASDAQ:AMGN) exclusive, worldwide rights to develop and commercialize ADXS-NEO, a patient-specific cancer immunotherapy that is expected to start clinical testing next year.

Advaxis will receive $40 million up front. Amgen will invest $25 million by purchasing about 3 million Advaxis shares at $8.20. Advaxis is also eligible for $475 million in milestones, plus royalties. ...