Shares of Affimed NV AFMD, +0.00% more than doubled in the extended session Monday after the Germany-based pharma company, which focuses on cancer immunotherapies, said it has entered into an agreement with Roche Holding's ROG, +0.56% Genentech to develop and commercialize immunotherapeutic treatments for multiple cancers. Affimed will apply a proprietary platform which enables antibodies, to "discover and advance" immunotherapeutics of interest to Genentech, Affimed said. Genentech will be responsible for clinical development and commercialization worldwide. American depositary shares of Roche rose 0.1%. "We are incredibly excited to work with Genentech, a leader in oncology with a long history of excellence in the discovery and development of medicines to treat cancer," Affimed Chief Executive Adi Hoess said in a statement. "This strategic partnership marks an important step on our path to leverage the full potential of innate immune cells in oncology." Affimed will receive $96 million in an initial upfront payment and other near-term committed funding, and may be eligible to receive up to an additional $5 billion over time, including payments upon achievement of specified development, regulatory and commercial milestones, and royalties on sales. The deal is subject to customary closing conditions, and it is expected to close in the third quarter.
Have breaking news sent to your inbox. Subscribe to MarketWatch's free Bulletin emails. Sign up here.