Genmab Surges on Johnson & Johnson Cancer Pact: Copenhagen Mover
Genmab shares rose as much as 25 percent, the biggest intraday gain since Aug. 9, 2011, and were up 20 percent to 81 kroner as of 10:25 a.m. in Copenhagen.
The agreement with J&J’s Janssen unit for daratumumab may be worth at least $1.1 billion, including an upfront payment of $55 million, milestone payments, and an $80 million equity investment, Genmab said in a statement today. Daratumumab is a monoclonal antibody that may have potential in treating other types of cancers such as acute myeloid leukemia, Genmab said.
“Much had been anticipated from a licensing deal for daratumumab and we believe this deal has more than met the expectation,” Nomura Code analyst Samir Devani said in a note to investors today.
Genmab shares have more than doubled this year, giving the Copenhagen-based company a market value of 3.62 billion kroner.
To contact the reporter on this story: Makiko Kitamura in London at email@example.com