Genmab A/S (GEN), a Danish biotechnology
company, rose the most in more than a year after it said Johnson
Johnson (JNJ) licensed its experimental treatment for multiple
myeloma.
Genmab shares rose as much as 25 percent, the biggest
intraday gain since Aug. 9, 2011, and were up 20 percent to 81
kroner as of 10:25 a.m. in Copenhagen.
The agreement with JJ's Janssen unit for daratumumab may
be worth at least $1.1 billion, including an upfront payment of
$55 million, milestone payments, and an $80 million equity
investment, Genmab said in a statement today. Daratumumab is a
monoclonal antibody that may have potential in treating other
types of cancers such as acute myeloid leukemia, Genmab said.
"Much had been anticipated from a licensing deal for
daratumumab and we believe this deal has more than met the
expectation," Nomura Code analyst Samir Devani said in a note
to investors today.
Genmab shares have more than doubled this year, giving the
Copenhagen-based company a market value of 3.62 billion kroner.
To contact the reporter on this story:
Makiko Kitamura in London at
mkitamura1@bloomberg.net
To contact the editors responsible for this story:
Toby Alder at
talder@bloomberg.net;
Kim McLaughlin at
kmclaughlin6@bloomberg.net
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