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Shares of Array BioPharma (ARRY) jumped 6.6% to $8.70 in premarket trading on Tuesday. The Boulder, Colo.-based firm and Bristol-Myers Squibb (BMY) announced a research collaboration that takes a look at Array's investigational MEK inhibitor, binimetinib, in tandem with Bristol-Myers Squibb's Opdivo (nivolumab) and Opdivo + Yervoy (ipilimumab) regimen as a potential treatment for metastatic colorectal cancer in patients that have microsatellite stable tumors.

The first study is anticipated to start in the second half of the year.

Among the other biotech movers was Advaxis (ADXS) , whose shares were up 3.8% to $8.75 on the heels of news of its clinical development collaboration, also with Bristol-Myers. The companies will evaluate ADXS-DUAL, an investigational immunotherapy targeting HPV-associated cancers, and Bristol-Myers' Opdivo as a potential combination treatment option for women that have metastatic cervical cancer.

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The firms expect the study to kick off by yearend.

Shares of Bristol-Myers closed at $53.97 on Friday.

Meanwhile, shares of Merrimack Pharmaceuticals (MACK) were up 8.3% to $2.43 on Tuesday. Other biotech movers include Insys Therapeutics (INSY) , up 4.7% to $14.80.


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