Why Investors Bid Immunogen Inc. Up Almost 12% Today

News that Irish biotech Jazz Pharmaceuticals (NASDAQ: JAZZ) had signed on to collaborate with Immunogen Inc. (NASDAQ: IMGN) in the development of drugs in the smaller, Massachusetts-based company's pipeline sent Immunogen shares soaring Tuesday, and ongoing optimism about the deal lifted those shares an additional 11.7% in Wednesday's trading session.

Last fall, Immunogen announced a restructuring that included a plan to cut its workforce and seek out partners to aid it as it attempts to bring key drug candidates to market. Tuesday's news that Jazz Pharmaceuticals will fill that role for three of Immunogen's hematology drugs is just one piece of that plan.

IMAGE SOURCE: GETTY IMAGES.

Source: Fool.com