Shares of XOMA Corp. (XOM) climbed more than 1.5% intraday after the company said it signed new non-exclusive licensing agreements with three companies – Tizona Therapeutics, Torch Biosciences, and LakePharma – for the use of its proprietary phage display libraries for antibody discovery.
“Increasing our universe of licensees to XOMA’s hallmark proprietary phage display libraries is one of our key strategic initiatives in 2017,” CEO Jim Neal said. Phage display libraries are tools to generate human recombinant antibodies with “exquisite specificity and high affinity,” according to a statement.
The company said the pacts expanded its portfolio of partner-funded programs and further advanced its business strategy to drive shareholder value through future milestone and royalty payments.
Under these agreements, XOMA is eligible to receive development and regulatory milestone payments plus single-digit royalties on net sales of products.
Shares of the company traded near the top end of their 52-week price range of $3.96 – $22.69.