Stock Alert: Alpine Immune Jumps 100% After Inking Deal With AbbVie

(RTTNews) - Shares of Alpine Immune Sciences, Inc. (ALPN) more-than-doubled on Thursday morning. The company signed a deal with AbbVie Inc. (ABBV) for the development and commercialization of ALPN-101.

ALPN is currently trading at $10.01, up $5.14 or 105.54%, on the Nasdaq. Alpine Immune Sciences has granted AbbVie option to license worldwide rights to ALPN-101, a phase 2-ready, first-in-class dual CD28/ICOS costimulation antagonist, as part of AbbVie's efforts to develop novel therapies in Immunology.

Alpine will receive $60 million in an upfront cash payment and up to $805 million as milestone payment.

Alpine Immune Sciences will also conduct a phase 2 study in systemic lupus erythematosus during the option period.