BioInvent, Pfizer in cancer antibody deal

BioInvent International AB (SSE:BINV) gained SEK0.63 (32%) to SEK2.63 after announcing a partnership with Pfizer Inc. (NYSE:PFE) to develop antibodies against tumor-associated myeloid cells.

BioInvent will receive upfront and near-term R&D payments totaling $10 million, including a $6 million equity investment in which the pharma will purchase 21.9 million shares at SEK2.56. The price is a 28% premium to BioInvent's close of SEK2 on Tuesday, before the deal was announced. ...