TSLA - Why Is Hookipa (HOOK) Stock Up 26% Today?
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Hookipa (NASDAQ:HOOK) stock is rocketing higher on Thursday after reaching a strategic collaboration and license agreement with Roche (OTCMKTS:RHHBF).
That agreement has the two companies working together on the development of HB-700 and a second unnamed novel arenaviral immunotherapy. HB-700 is a treatment in the works for KRAS-mutated cancers.
Hookipa will handle the first part of the development with a Phase 1 clinical trial of HB-700. Following this, Roche has the right to take over the development of the drug. This would also see it handle the commercialization of it as well.
As part of the agreement, Roche can also license a second arenaviral cancer immunotherapy from Hookipa. This would result in it paying an additional licensing fee to Hookipa.
Terms of the Agreement
The terms of the collaboration have Roche making an upfront payment of $25 million to Hookipa. It will also make an additional $15 million payment if it decides to license the second unnamed immunotherapy.
With these agreements, Hookipa is also eligible for up to $930 million worth of milestone payments. These are connected to development and commercialization. It also retains royalty rights on both treatments following commercialization.
HOOK stock is experiencing heavy trading with today’s news. As of this writing, over 19 million shares of the stock have changed hands. That’s quite the leap from its daily average trading volume of about 192,000 shares.
HOOK stock is up 25.7% as of Thursday morning.
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On the date of publication, William White did not have (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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