NEW YORK (TheStreet) -- Shares of Geron (GERN) surged 11.23% to $3.07 in morning trading Monday after the company announced late last week it had licensed its blood disorder drug imetelstat to Johnson & Johnson (JNJ) .
Geron said Janssen Biotech, whose parent company is Johnson & Johnson, agreed to pay $35 million to Geron upfront. Geron could receive up to $900 million additionally if it reaches certain regulatory and sales milestones. Geron would also receive royalties on imetelstat's sales.
Geron designed imetelstat to treat myelofibrosis, a disorder in which abnormal blood cells accumulate in bone marrow to form thick scar tissue that causes healthy blood cells to produce more slowly.GERN data by YCharts