Moderna, CytomX to collaborate on mRNA-based therapies

The upfront payment for cancer-focused drug developer CytomX includes $5 million in prepaid research funding, and it is eligible to receive up to about $1.2 billion in future milestone payments, the companies said in a joint statement. Moderna will also pay CytomX tiered royalties on global net sales of any products developed and commercialized under the deal, which provides the biotech company the option to participate in a future equity financing by CytomX. Shares of CytomX rose nearly 34% after the bell.

(Reporting by Bhanvi Satija in Bengaluru; Editing by Devika Syamnath)