CytomX Therapeutics Inc (CTMX)

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Bristol-Myers Squibb Company BMY and CytomX Therapeutics, Inc. CTMX, announced an expansion of their 2014 strategic collaboration to discover novel therapies. The collaboration will include up to eight additional targets using CytomX’s proprietary Probody platform.
Per the agreement, CytomX will grant Bristol-Myers Squibb exclusive worldwide rights to develop and commercialize Probody therapeutics for up to six additional oncology targets and two non-oncology targets. Bristol-Myers Squibb will make an upfront payment of $200 million to CytomX and, will also provide research funding over the course of the research term.

Additionally, CytomX will also be entitled to receive up to $448 million in future development, regulatory and sales milestone payments for each collaboration target, as well as tiered royalties from the mid-single digits to low-double digits on net sales of each product commercialized by Bristol-Myers Squibb. The shares of CytomX shot up about 25% following the news.

http://finance.yahoo.com/news/bristol-myers-squibb-cytomx-therapeutics-152603585.html