Xoma to receive $6 million in Cephalon partnership
Biotechnology company Xoma Ltd. said Wednesday
it will receive $6 million from Cephalon Inc.'s Arana Therapeutics unit for a partnership on antibody research and development.
Under
the deal, Xoma will receive the payment and is entitled to royalty and
milestone payments on future products. Xoma will also be fully
reimbursed for its services.
Xoma's
revenue currently comes from a series of licensing deals and
partnerships, including work on biodefense contracts and commercial
treatments such as the macular degeneration drug Lucentis, which is
sold by Roche
(
RHHBY.PK -
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)'s Genentech
(
DNA -
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) division.
Shares
of Xoma rose 6 cents, or 7.2 percent, to 88 cents in morning trading.
The stock has traded between 37 cents and $2.34 over the last 52 weeks.
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