Compugen Stock Jumps After Bristol Myers Squibb Invests $20M
By Sam Boughedda
Investing.com — Clinical-stage cancer immunotherapy company Compugen (NASDAQ:) has seen its shares jump over 12% after it announced an expanded collaboration with Bristol-Myers Squibb Company (NYSE:) alongside a $20 million equity investment.
“Bristol Myers Squibb’s strategic investment in Compugen strengthens our relationship and the goal of both companies to take forward our clinical studies conducted under our collaboration in bringing innovative therapies to cancer patients,” said Anat Cohen-Dayag, president and CEO of Compugen.
Pharmaceutical firm Bristol Myers Squibb completed the investment in Compugen, for 2.33 million shares a $8.57 each. It represents a 33% premium over Tuesday’s closing price.
The investment will help enhance the collaboration between companies and support the continued execution of the clinical programs, including an ongoing clinical program.
“We value Bristol Myers Squibb’s continued support of Compugen and in our evaluation of our DNAM axis hypothesis,” added Cohen-Dayag.
Compugen shares are currently trading just above the $7 level.