Evaxion Stock Jumps A Whopping 43% Pre-Market – Here’s What Happened
Synopsis
The company said it will receive a cash payment of $7.5 million, in addition to future milestone payments of up to $592 million.
Evaxion A/S (EVAX) said on Thursday that it has out-licensed its vaccine candidate EVX-B3 to Merck (MRK), sending shares of the company rallying 43% in the pre-market session.
Evaxion will receive a cash payment of $7.5 million in addition to future milestone payments of up to $592 million, the company said. It will also be eligible for royalties on net sales. The cash payment will extend Evaxion’s cash runway to the first half of 2027, it said.
The outlicensing is part of the option and license agreement between the two companies in September 2024. Merck will now be wholly responsible for the further development of the EVX-B3 vaccine, which is in preclinical development.
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