Endocyte soars on deal for ABX's CRPC candidate
Endocyte Inc. (NASDAQ:ECYT) jumped $2.22 (157%) to $3.63 on Monday after ABX GmbH (Radeberg, Germany) granted the biotech exclusive, worldwide rights to develop and commercialize prostate-specific membrane antigen (PSMA; FOLH1; GCPII)-targeting ligand PSMA-617.
ABX received $12 million up front and is eligible for up to $160 million in regulatory and commercialization milestones, plus tiered royalties starting in the mid-teens. ABX will also receive 2 million Endocyte shares and warrants to purchase for up to 4 million shares at $1.39...
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