OncoMed Shares Jump After Signing Deal With Celgene
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OncoMed Pharmaceuticals Inc., a drug developer that first sold shares to the public in July, almost doubled in trading after signing a $177.25 million agreement with Celgene Corp. on as many as six potential cancer medicines.
OncoMed rose 98 percent to $27.70 at the close in New York in the biggest one-day rise since the company’s initial public offering. The shares of the Redwood City, California-based company have gained 63 percent since the IPO.