Why Is Cancer Focused Nurix Therapeutics Stock Trading Higher Today?
Portfolio Pulse from Vandana Singh
Nurix Therapeutics Inc (NRIX) and Seagen Inc (SGEN) have entered into a multi-year, multi-target strategic collaboration to develop a new class of cancer medicines called Degrader-Antibody Conjugates (DACs). Nurix will receive an upfront payment of $60 million and can receive up to approximately $3.4 billion in research, development, regulatory, and commercial milestone payments. Nurix's shares are up 9.77% following the announcement.
September 07, 2023 | 6:12 pm
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NEUTRAL IMPACT
Seagen has entered into a strategic collaboration with Nurix to develop new cancer medicines.
While the partnership is also significant for Seagen, the impact on its stock price is not mentioned in the article. Therefore, the short-term impact on Seagen's stock is neutral.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Nurix has entered into a lucrative partnership with Seagen, which has boosted its stock price.
The partnership with Seagen is a significant development for Nurix, as it not only provides an upfront payment of $60 million, but also the potential for up to $3.4 billion in milestone payments. This has led to a positive reaction in the stock market, with Nurix's shares rising by 9.77%.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100