Evaxion soars on vaccine licensing deal for upto $592 million

** Shares of Denmark-based vaccine developer Evaxion A/S EVAX.O rise 44.6% to $4.74 premarket

** Co says it has out-licensed its vaccine candidate EVX-B3 to Merck MRK.N, known as Merck Sharp & Dohme (MSD)outside of the U.S. and Canada

** EVAX will receive a cash payment of $7.5 million and be eligible for upto $592 million in milestone payments as part of the deal

** Co says MSD retains an option for a second vaccine candidate, EVX-B2, for which a decision on potential licensing is expected in the first half of 2026

** EVX-B2 is being developed against sexually transmitted infection gonorrhea, while EVX-B3 is being developed to combat a bacterial infection

** Up to last close, stock down 21.9% YTD