OncoGenex Pharmaceuticals (OGXI) and Teva Pharmaceuticals (TEVA) announced Monday morning that they entered into a global license and collaboration agreement to develop and commercialize OGX-011. Teva will provide OncoGenex with a $60 million initial cash payment, which includes a $10 million equity investment in OncoGenex common stock at a price of $37.38 per share.
OncoGenex Pharmaceuticals gapped open sharply lower Monday and fell in early trade. Shares settled into a range for the majority of the session and closed down by $8.52 at $21.13 on the highest volume of the year. The stock fell to a 5-month low and dropped below its 200-day moving average.
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