Drugmaker Baxalta Inc has inked a deal with privately held Symphogen under which the companies will develop immuno-oncology drugs to treat rare cancers.
The agreement holds a total potential value up to 1.4 billion euros ($1.6 billion) in option fees and milestones over the long term, in addition to royalties on worldwide sales, Baxalta said.
Baxalta's shares were up 5 percent at $41.00 in premarket trading.
Denmark-based Symphogen will receive an upfront payment of $175 million in exchange for its exclusive rights to six therapies to treat rare diseases.
Baxalta and Symphogen said on Monday they expect to conduct the first early-stage study in 2017.
Following the successful completion of early-stage studies, Baxalta will have an option to complete late-stage development and worldwide commercialization.
Immuno-oncology is the new field that uses the method of activating a patient's immune system against tumor growth. Both single and combined immuno-oncology therapies are likely to improve outcomes for a variety of cancers, the companies said.
(Reporting by Rosmi Shaji in Bengaluru; Editing by Maju Samuel)
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