BUZZ-Xilio jumps after collaboration with AbbVie to develop cancer treatments

Shares of drug developer Xilio Therapeutics XLO.O more than double to $1.37 premarket

AbbVie ABBV.N and XLO enters into collaboration and option agreement to develop cancer immunotherapies

Under terms of the deal, XLO to receive $52 million in an upfront payment and will be eligible to receive up to about $2.1 billion in milestone payments

Deal gives ABBV access to XLO's proprietary tumor-activation technology to develop new immunotherapies

In the last 12 months, XLO has fallen 7%