Affimed Shares Surge On Genetech Deal

(RTTNews) - Shares of Affimed N.V. (AFMD) surged 140 percent in extended session after the Germany-based biopharmaceutical company said it has entered into a strategic agreement with Genentech, a member of the Roche Group, to develop and commercialize novel NK cell engager-based immunotherapeutics to treat multiple cancers.

Under the terms deal, Affimed will receive $96 million in an initial upfront payment and other near-term committed funding. Affimed may be eligible to receive up to an additional $5.0 billion over time, including payments upon achievement of specified development, regulatory and commercial milestones, and royalties on sales.

The deal is subject to customary closing conditions, and it is expected to close in the third quarter.

Affimed is a clinical stage biopharmaceutical company focused on discovering and developing highly targeted cancer immunotherapies that harness the power of innate and adaptive immunity.

Affimed will apply its proprietary Redirected Optimized Cell Killing platform, which enables the generation of both NK cell and T cell-engaging antibodies, to discover and advance innate immune cell engager-based immunotherapeutics of interest to Genentech.

"We are incredibly excited to work with Genentech, a leader in oncology with a long history of excellence in the discovery and development of medicines to treat cancer," said Dr. Adi Hoess, Affimed's CEO. "This strategic partnership marks an important step on our path to leverage the full potential of innate immune cells in oncology."