BioNTech climbs on cancer drug deal with Bristol Myers

U.S.-listed shares of German vaccine maker BioNTech 22UAy.DE, BNTX.O rise 13.7% to $108.90 premarket

BNTX and Bristol Myers Squibb BMY.N announced global partnership to jointly develop and commercialize an experimental cancer drug, BNT327

BMY will pay BioNTech $1.5 billion upfront, up to $2 billion in non-contingent payments and up to $7.6 billion in additional milestones payments

BNTX acquired the rights to BNT327 through the purchase of a Chinese firm Biotheus for $800 million upfront and up to $150 million in contingent payments, earlier this year

The companies said they will share profits and losses from the drug equally

Shares of cancer drug developers Instil Bio TIL.O jump 41% to $38.01, and Summit Therapeutics SMMT.O up 1.3% at $18.45 premarket

BNT327 is being tested in several clinical trials for different types of cancer, including lung, breast and small cell lung cancer

As of last close, BNTX was down 16%, TIL up 41.2%, SMMT up 2% YTD