Biopharmaceutical company Xoma Ltd. said Wednesday Schering-Plough Corp. exercised its right to continue its collaboration on developing antibody products.
Xoma said it received additional payments for each of the new programs and will receive research funding for each projects. The company did not release details on the additional programs or the amount paid upfront.
The companies started the collaboration May 23. Xoma is responsible for discovering antibodies selected by Schering-Plough. Additionally, Xoma is expected provide preclinical studies.
Shares of Xoma rose 14 cents, or 6 percent, to $2.49 on the Nasdaq in morning trading. Earlier in the session, shares traded as high as $2.55, topping a previous 52-week high of $2.50.
Shares of Schering-Plough fell 13 cents to $24.26 on the New York Stock Exchange, but earlier set a fresh year high of $25.17. The shares have traded between $17.88 and $25 over the past year.
Xoma said it received additional payments for each of the new programs and will receive research funding for each projects. The company did not release details on the additional programs or the amount paid upfront.
The companies started the collaboration May 23. Xoma is responsible for discovering antibodies selected by Schering-Plough. Additionally, Xoma is expected provide preclinical studies.
Shares of Xoma rose 14 cents, or 6 percent, to $2.49 on the Nasdaq in morning trading. Earlier in the session, shares traded as high as $2.55, topping a previous 52-week high of $2.50.
Shares of Schering-Plough fell 13 cents to $24.26 on the New York Stock Exchange, but earlier set a fresh year high of $25.17. The shares have traded between $17.88 and $25 over the past year.
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