Immunome Inc. (IMNM) announced today an agreement to acquire a collection of antibody-related assets from fellow biotech Atreca (NASDAQ:BCEL). The news sent Immunome shares higher, while Atreca faced a sharp sell-off.
In a move poised to bolster its cancer-fighting arsenal, biotechnology company Immunome said it will pay Atreca $5.5 million upfront for the antibody assets, with an additional $7 million in potential clinical development milestones.
"We believe that novel and underexplored targets will drive the next generation of transformative ADCs," declared Clay Siegall, Immunome's Chairman and CEO. "These antibody-related assets will expand our toolbox, complementing our existing programs as we advance our mission of developing innovative treatments for cancer patients."
Investors embraced the news, pushing Immunome shares up more than 2% in Tuesday's trading session. The optimism surrounding the acquisition reflects Immunome's solid track record. Meanwhile, Atreca bore the brunt of the market's response, with its shares tumbling 18% on the day.