Harpoon Therapeutics Shares Rise on Expanded Deal With AbbVie
21 November 2019 - 6:35PM
Dow Jones News
By Colin Kellaher
Shares of Harpoon Therapeutics Inc. (HARP) rose nearly 7% on
Thursday after the immunotherapy company expanded its work with
AbbVie Inc. (ABBV).
Harpoon said it signed a license and option agreement with
AbbVie for its HPN217 drug candidate, and the companies agreed to
expand their existing discovery collaboration to include up to six
additional targets.
The expanded deal, which includes $50 million upfront and an
additional $50 million when the first patient is dosed with HPN217,
carries milestone payments potentially worth hundreds of millions
of dollars to Harpoon.
Analysts at SVB Leerink reiterated their "outperform" rating on
Harpoon shares and raised their price target to $28 from $24,
saying the expanded deal with AbbVie further validates Harpoon's
platform and extends its cash runway into the second half of
2022.
Harpoon shares were recently up 6.4%, to $15.39.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
November 21, 2019 12:20 ET (17:20 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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