Why Are TScan Therapeutics Shares Are Shooting Higher Today
Amgen Inc (NASDAQ: AMGN) and TScan Therapeutics Inc (NASDAQ: TCRX) announced a multi-year collaboration to use TScan's proprietary target discovery platform, TargetScan, to identify the antigens recognized by T cells in patients with Crohn's disease.
Under the terms of the agreement, TScan will receive a $30 million upfront payment and is eligible to earn over $500 million in milestones and tiered single-digit royalty payments.
Amgen will evaluate a variety of modalities to create therapeutics based on targets discovered by TScan and will retain all global development and commercial rights.
Amgen also has the option to expand the collaboration to ulcerative colitis under certain terms. Each party will be responsible for its research expenses.
TScan is a clinical-stage biopharmaceutical company focused on developing T cell receptor (TCR)-engineered T cell therapies (TCR-T) for cancer.
In March, TScan Therapeutics dosed the first patient in its Phase 1 umbrella trial of TSC-100 and TSC-101 to treat residual leukemia and prevent relapse following hematopoietic cell transplantation using reduced intensity conditioning in patients with acute myeloid leukemia, myelodysplastic syndromes, or acute lymphocytic leukemia.
Price Action: TCRX shares are up 137.40% at $5.34 on the last check Tuesday.
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