American depositary receipts of Nanobiotix (NBTX) jumped over 50% in early trading on Monday after it entered into an agreement with Johnson & Johnson's (JNJ) Janssen Pharmaceutical to c﷽o-develop a drug to treat cancer.

Nanobiotix said it will co-develop and commercialize the NBTXR3 drug, designed to enhance the efficacy of radiotherapy to better treat tumors associated with head and neck cancer.

Under the terms of the agreement, Nanobiotix will receive up to $60 million in cash near-term, including $30 million for licensing and up to $30 million to help develop NBTXR3. Nanobiotix will receive a $5 million equity investment w🦋ith a potential $25 miꦐllion additional investment subject to certain maximum ownership caps in connection with future financing.

The French biotech will also be eligible for additional payments of up to $1.8 billion, contingent on potential development, regulatory, and sales milestones. The transaction is subject to regulatory approval of U.S. 澳洲幸运5官方开奖结果体彩网:antitrust ൩laws, and is expected to be wrapped up prior to Dec. 31, 2027.

The deal covers licensing and sale of NBTXR3 to all global markets except China and some other Asian markets where Nanobiotix licensed the drug to LinaBio last year.

Last November, J&J acquired heart pump maker Abiomed for $16.6 billion to expand its offerings in the MedTech market. The New Jersey-based company reported net sales of $24.7 billion in Q1 2023, compared to $23.4 billion in Q1 2022, reporting a 5.6% increase year-over-year.