SGX Pharmaceuticals (SGXP Quote) signed an agreement with Swiss drugmaker Novartis (NVS Quote) that will see the companies collaborate on developing treatments for chronic myelogenous leukemia, a malignant cancer of the bone marrow.
Shares of SGX jumped on the news, gaining $1.93, or 24.5%, to $9.80 on volume that was much heavier than normal. The advance lifted SGX above its 52-week closing high of $8.30. The shares went as high as $11.38 following the Novartis deal.
Under the terms of the agreement, Novartis will make $25 million in upfront payments and buy some of the San Diego biotech's common stock. Along with milestone payments, but excluding royalties, SGX could receive more than $515 million, including at least two years of research funding. ...
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