AbCellera Biologics Inc. (NASDAQ:ABCL) stock is trading higher on Tuesday. Year-to-date, the stock has jumped over 250%.
There is no company-specific news to justify the move; however, investors are probably reacting to the U.S. Food and Drug Administration (FDA) approving Jazz Pharmaceuticals plc’s (NASDAQ:JAZZ) two Ziihera-containing combination regimens as first-line treatments for adults with unresectable locally advanced or metastatic HER2-positive gastroesophageal adenocarcinoma.
Readers should note that in June, Jazz Pharmaceuticals announced a collaboration with AbCellera Biologics to discover next-generation T-cell-engaging multispecific antibodies.
The partnership includes $56 million in upfront payments and potential milestone payments totaling up to $792 million, which could significantly enhance Jazz’s oncology portfolio as it focuses on gastrointestinal cancers.
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