Shares of

Avant Immunotherapeutics

(AVAN)

moved 13% higher Wednesday on news of a collaborative research and development agreement with

Pfizer

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to develop animal health vaccines.

Pfizer will fund the research collaboration, which will use vaccine technologies owned by Avant.

The two are looking to develop vaccines to protect livestock and companion animals from respiratory and enteric diseases. Financial terms were not disclosed.

Shares of Avant were up 17 cents to $1.45 in recent trading Wednesday, while Pfizer shares were down 18 cents, or 0.7%, at $28.22.