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As part of the deal, Servier will develop and commercialize the clinical-stage oncology company’s BDTX-4933, a molecule designed to address solid tumors, including non-small cell lung cancer.
Shares of Black Diamond Therapeutics, Inc. (BDTX) jumped around 21% as of Wednesday noon after the company announced it had entered into a licensing agreement with Servier, a French pharmaceutical group.
As part of the deal, Servier will develop and commercialize the clinical-stage oncology company’s BDTX-4933, a molecule designed to address solid tumors, including non-small cell lung cancer.
Under the agreement, Black Diamond will receive an upfront payment of $70 million and can receive up to $710 million in future payments, including development and commercial sales milestone payments and tiered royalties based on net sales.
The company said earlier this month that its cash, cash equivalents, and investment of $98.6 million as of the end of 2024 would be sufficient to fund operations and capital expenditure requirements into the last quarter of 2026.
On Stocktwits, retail sentiment around Black Diamond’s stock rose to a year-high, jumping higher within the ‘extremely bullish’ territory (100/100). Meanwhile, message volume surged to ‘extremely high’ levels from ‘high’ in the past 24 hours.
A Stocktwits user expressed optimism for the shares rising as high as $6 from its current value of over $2.
Another opined that a “strong reversal” is coming for the stock.
Black Diamond shares are down by over 50% over the past 12 months.
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