Black Diamond rises on licensing deal for tumor treatment

Shares of precision oncology firm Black Diamond Therapeutics BDTX.O rise 35.1% to $2.26 premarket

BDTX and French drugmaker Servier say they have entered into a licensing agreement for BDTX-4933, a small molecule designed by Black Diamond

BDTX will receive an upfront payment of $70 million and will be eligible to receive up to $710 million in development and commercial sales milestone payments, along with tiered royalties based on global net sales

Under the agreement, Servier will develop and commercialize BDTX-4933 for solid tumors including non-small cell lung cancer

BDTX-4933 is currently in early-stage development

Up to last close, BDTX has fallen 64.2% in the past 12 months