Cytos shares surge on Pfizer vaccine deal
ZURICH (Reuters) - Cytos (CYTN.S) has entered a vaccine deal with Pfizer (PFE.N), sending its shares up more than 9 percent.
The Swiss biotech company will receive an upfront payment of 150 million Swiss francs ($138 million) and potential further milestones, Cytos said on Friday.
In return, the agreement will allow the U.S. drug maker to acquire world-wide exclusive rights to commercialize certain vaccines, based on Cytos Biotechnology's Immunodrug technology.
Cytos shares were up by 9.2 percent at 57.00 Swiss francs by 0815 GMT.
Analysts at bank Vontobel said in a note the deal showed that the Immunodrug technology is increasingly recognized in the industry as an excellent technology.
The exclusive global research, option and license agreement aims to research, develop, manufacture and commercialize novel vaccines for a defined number of human diseases, Cytos said.
The deal also comprises manufacturing technology transfer fees and Cytos will be eligible for research funding and royalties on net sales of products.
(Reporting by Andrew Thompson in Zurich; Editing by Erica Billingham)
