Alector Shares Up After GlaxoSmithKline Collaboration
July 02 2021 - 10:51AM
Dow Jones News
By Stephen Nakrosis
Alector Inc. shares touched a 52-week high Friday after the
biotechnology company said it would collaborate with
GlaxoSmithKline PLC to develop and commercialize antibodies for
neurodegenerative diseases.
Alector is set to receive $700 million in upfront payments and
up to $1.5 billion in potential milestone payments, profit sharing
and royalties from the deal, the company said.
At 11:16 a.m. ET, shares of Alector were trading 71% higher at
$38.39. Volume at the time topped 20.8 million shares, above the
stock's 65-day average volume of 590,484.
Earlier in the session, Alector's stock reached a 52-week high
of $43.32 a share.
-Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
July 02, 2021 11:36 ET (15:36 GMT)
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