Moderna, CytomX to collaborate on mRNA-based therapies

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(Reuters) -Moderna Inc on Thursday announced a $35 million licensing deal with CytomX Therapeutics (NASDAQ:CTMX) for the development of certain investigational messenger RNA-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 (NASDAQ:MRNA) 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.