Shares of Black Diamond Therapeutics, Inc. (BDTX) jumped over 27% on Wednesday morning after the clinical-stage oncology company and Servier, an independent global pharmaceutical group, announced a strategic worldwide licensing agreement for BDTX-4933, a therapy for solid tumors.
BDTX is currently trading at $2.1800, up $0.5000 or 27.9762%, on the Nasdaq. The stock opened its trading at $2.3500 after closing Tuesday at $1.6800. The stock has traded between $1.5900 and $7.6600 in the past 52-week period.
Under this global agreement, Servier will develop and commercialize BDTX-4933, a small molecule designed by Black Diamond Therapeutics to address unmet medical needs in RAF/RAS-mutant solid tumors.
"At Servier, we are dedicated to transforming patient care in areas with significant unmet needs. Our partnership to develop BDTX-4933 is an important opportunity in targeted cancer therapies, as we believe we can serve more people by helping the right patients find the right treatment, at the right time," said Claude Bertrand, Executive Vice-President of R&D at Servier. "We look forward to accelerating the development of this therapy as a potential best-in-class treatment for cancer patients."
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