Immunomedics, Algeta in thorium-conjugate cancer deal

Immunomedics Inc. (NASDAQ:IMMU) granted Algeta ASA (OSE:ALGETA) rights to develop a targeted thorium conjugate (TTC) comprised of Algeta's thorium-227, an alpha-particle emitting radionuclide, linked to Immunomedics' epratuzumab for cancer. Immunomedics will provide Algeta with epratuzumab, and Algeta will fund all preclinical and clinical development through Phase I testing. After Phase I testing, Algeta has an option to license rights to the compound under undisclosed terms. Algeta will pay Immunomedics an undisclosed fee and an undisclosed antibody delivery milestone, plus payments for cGMP manufacturing. The partners declined to disclose additional details. Algeta was up NOK2.40 to NOK164.80 on Monday, while Immunomedics was up $0.08 to $2.81. ...