AZ Deal Fuels Innate Pharma Share Surge

Published on: 

April 27, 2015.

Reuters reported Friday

that shares in French drug maker Innate Pharma surged to a record high - increasing by as much as 57 percent to €14 euros on volumes of 10.7 million shares - following its deal with AstraZeneca to accelerate and broaden development of its immune-boosting anti-cancer medicines.   Innate will receive an initial payment of $250 million from AstraZeneca, which is collaborating with Medimmune to develop the French firm's anti-NKG2A antibody, IPH2201 aimed at stimulating the body's immune system to destroy cancer cells. Reuters reports that "it is the most significant transaction ever by the Marseille-based biopharmaceutical company, worth about €700 million on the stock market even after Friday's share price jump".