Xoma Nabs $35M Upfront Deal

1/4/11

Xoma (NASDAQ: XOMA), the Berkeley, CA-based developer of targeted antibody drugs, said today it will receive a $35 million upfront fee from France-based Les Laboratories Servier for the right to co-develop a new anti-inflammation treatment. Xoma could receive as much as $470 million in milestone payments through the partnership, and a “mid-teens” percentage cut of sales if the drug, XOMA 052, ever becomes a marketed product. Shares of Xoma climbed about 20 percent to $6.36 a share at the opening of trading today on the news.

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