Affimed, Genentech in NK cell engager deal

Affimed N.V. (NASDAQ:AFMD) said late Monday that it partnered with the Genentech Inc. unit of Roche (SIX:ROG; OTCQX:RHHBY) to develop and commercialize NK cell engager-based immunotherapeutics to treat cancers. The news sent Affimed shares up $2.20 (138%) to $3.80 in after-hours trading on Monday.

Affimed will receive $96 million in upfront and near-term payments over the first 12 months of the deal. Affimed is also eligible for about $5 billion in milestones, which includes $250 million in developmental milestones, $1.1 billion in regulatory milestones and $3.6 billion in commercial milestones, plus tiered royalties...