Shares of Cell Genesys Inc. (CEGE) Soared in Tuesday Trading on Deal with Takeda Pharmaceutical
In Tuesday trading, shares of Cell Genesys Inc. soared $0.69 a share, a gain of nearly 30% in one day sparked by more than twenty times the average trading volume. This spike came thanks to the announcement that Cell Genesys has signed Japanese drug maker Takeda Pharmaceutical as a global partner for GVAX Prostate, a prostate cancer vaccine in late-stage development. The partnership will incorporate the development, marketing and commercialization of the immunotherapy globally. The exact terms of the deal are not known, but Takeda has agreed to pay Cell Genesys $50 million up front, in addition to a potential…