Shares of Innate Pharma SA ADR [S: ipha] rallied 35.2% in premarket trading on Monday after the company said Sanofi licensed its natural killer (NK) cell engager program as part of an already established collaboration between the two companies. “We are exploring the potential of NK cells for cancer immunotherapy, a key pillar for our oncology strategy,” Valeria Fantin, Sanofi’s global head of oncology research, said in a news release. Sanofi will pay Innate about $26.5 million upfront, with regulatory milestones worth up to about $1.4 billion. Innate’s stock has declined 58.3% year-to-date, while the broader S&P 500 is down 19.1%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.