Innate Pharma SA (NASDAQ: IPHA) surged more than 40% in pre-market trading on Monday after the clinical-stage oncology-focused biotech company announced an expansion of its partnership with Sanofi (NASDAQ: SNY). As a part of this collaboration, Sanofi will get an exclusive license to Innate’s B7H3 ANKET (Antibody-based NK Cell Engager Therapeutics) program.
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In addition, SNY will also get the option for two additional ANKET targets. ANKET is “Innate’s proprietary platform for developing next-generation, multi-specific natural killer (NK) cell engagers to treat certain types of cancer.”
After the candidate selection, “Sanofi will be responsible for all development, manufacturing and commercialization.”
As a part of this agreement, IPHA will also receive an upfront payment of €25 million and up to €1.35 billion upon reaching various milestones and royalties from Sanofi.
IPHA stock has tanked more than 60% in the past year.