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Shares of Akcea Therapeutics (AKCA - Get Report)  jumped more than 30% Monday after the biotech company announced a licensing agreement with Pfizer (PFE - Get Report) for its treatment for people with certain cardiovascular and metabolic diseases.

Akcea, a majority-owned affiliate of Ionis Pharmaceuticals   (IONS - Get Report)  , saw its shares soar 48% on Monday before settling back. The stock was up 30% to $19.81 at last check.

The company said the agreement with Pfizer is for a worldwide exclusive licensing agreement for AKCEA-ANGPTL3-L, which helps to reduce the production of angiopoietin-like 3 (ANGPTL3) protein in the liver, "a key regulator of triglycerides, cholesterol, glucose and energy metabolism."

The treatment is being evaluated in a Phase 2 study in patients with Type 2 diabetes, hypertriglyceridemia and non-alcoholic fatty liver disease (NAFLD).

"AKCEA-ANGPTL3-L has the potential to treat people suffering from certain cardiovascular and metabolic diseases," stated Dr. Damien McDevitt, interim CEO at Akcea.

"Given the unmet medical need for this patient population and the broad market potential, we believe Pfizer's expertise and breadth of experience in cardiovascular and metabolic diseases makes it well suited to accelerate clinical development of AKCEA-ANGPTL3-LRx, and to deliver it to patients in need of additional therapies for these life-threatening diseases."

Pfizer shares were up 28 cents or 0.8% to $36.21.