Shares of Arcturus Therapeutics Holdings (NASDAQ: ARCT) are skyrocketing today, up by 26.5% as of 11:15 a.m. ET. The huge gain came after Arcturus announced yesterday that it has entered into a strategic collaboration with CSL Seqirus, a unit of CSL Limited (OTC: CSLL.Y). The two companies plan to work together to develop and market messenger RNA (mRNA) vaccines targeting COVID-19, flu, pandemic preparedness, and three other respiratory infectious diseases.

Like many vaccine stocks, Arcturus hasn't had a great year so far. Its shares had plunged more than 50% year to date before the collaboration news.

But investors rightfully applauded the deal with CSL. Arcturus will receive an up-front payment of $200 million. This will significantly improve the company's financial position. Arcturus remains unprofitable and had a cash balance of $283.5 million as of June 30, 2022.

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Source Fool.com