Why Shares of Innate Pharma Jumped Thursday
Shares of Innate Pharma (NASDAQ: IPHA) were up 8% Thursday morning after rising as much as 10.6% earlier in the day after the company said the Food and Drug Administration (FDA) had granted Fast Track Designation to a cancer therapy the company is developing with Sanofi. The stock is still down more than 12% so far in 2023.
Innate is a clinical-stage biotech company that specializes in immunotherapies to treat cancer. The company said that the FDA had given Fast Track Designation to SAR579/IPH6101 to treat certain blood cancers. The drug is the result of a research collaboration with Sanofi. The therapy was developed with Innate's antibody-based NK cell engager therapeutics (ANKET) platform to make next-generation natural killer cell engagers to treat certain cancers.
Both companies benefited from the news though Sanofi's shares were up only slightly. The companies' research collaboration and license agreement means that Sanofi will make and commercialize any products that come from the collaboration while Innate will receive up to 400 million euros (roughly $428 million) in milestone payments as well as royalties on net sales. The Fast Track Designation will help speed along the potential approval process for the therapy.
Source Fool.com
