WH - Why Is C4 Therapeutics (CCCC) Stock Up 72% Today?
2023-12-12 10:13:43 ET
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C4 Therapeutics (NASDAQ: CCCC ) stock is heading higher on Tuesday as investors in the clinical-stage biopharmaceutical company celebrate a new license and research collaboration with Merck (NYSE: MRK ).
This exclusive agreement with Merck has C4 Therapeutics working with it to develop degrader-antibody conjugates (DACs). These are an “emerging modality” designed for selectively targeting and neutralizing disease-causing proteins in cancer cells.
This agreement has C4 Therapeutics getting an upfront payment of $10 million from Merck. There’s also the potential for the company to get $600 million in milestone payments. To go along with that, C4 could get tiered royalties on future sales from the collaboration.
The collaboration will see C4 Therapeutics focus on using its Torpedo platform to develop degrader payloads in the discovery phase. Following that, Merck will handle “antibody conjugation” to create DACs in the discovery phase. It will also move them through clinical trials and into commercialization.
Andrew Hirsch, President and CEO of C4 Therapeutics, said the following about the news:
“We look forward to leveraging our powerful TORPEDO® platform in collaboration with Merck’s antibody-drug conjugation expertise to engineer novel medicines with the potential to transform patients’ lives.”
CCCC Stock Movement Today
With this collaboration agreement comes heavy trading of CCCC stock. As of this writing, more than 57 million shares have changed hands. For comparison, its daily average trading volume is about 572,000 shares.
CCCC stock is up 72% as of Tuesday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines .
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