Molecular Templates gains on deal with Takeda

Building on a previous discovery collaboration, Molecular Templates Inc. (NASDAQ:MTEM) and Takeda Pharmaceutical Co. Ltd. (Tokyo:4502) partnered Wednesday to develop CD38-targeting engineered toxin bodies (ETBs) to treat multiple myeloma. Molecular Templates will receive $30 million up front and is eligible for milestones and royalties.

Molecular Templates' stock gained $2.15 (52%) to $6.25 Wednesday. The move add $58.2 million to its market cap, bringing its total valuation to $169.2 million...