BUZZ-Xilio soars after tie-up with AbbVie to develop cancer treatments

Updates

Shares of drug developer Xilio Therapeutics XLO.O more than double to $1.49, set for record single-day pct gain

AbbVie ABBV.N and XLO enter 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

*More than ~84 mln shares traded, 234 times their 25-day moving average

In the last 12 months, XLO has fallen 7%