Gene Therapy Deal Helps Double Price of Beaten-Down Biotech Company's Shares
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Axovant Sciences Ltd. investors are enjoying their first rays of light in months as the shares more than doubled on the company’s plan to license a gene therapy from Oxford BioMedica Plc.
Axovant agreed to pay the U.K.-listed company $30 million upfront in cash for rights to develop OXB-102 for Parkinson’s disease. Oxford could get an additional $812.5 million if certain development and sales milestones are reached.