By Dean Seal

Shares of AC Immunity surged after the company signed announced an agreement with Takeda Pharmaceutical for an exclusive option to license its active immunotherapy for Alzheimer's disease.

The stock was up 64% at $3.80 in premarket trading. Shares had fallen by more than 50% year-to-date when the market closed Friday.

The biopharmaceutical company said Monday morning that Takeda will receive an exclusive option to license global rights to ACT-24.060, AC Immune's active immunotherapy designed to delay or slow Alzheimer's disease progression.

AC Immune is set to receive an upfront payment of $100 million upon closing and be eligible for additional milestone payments of up to $2.1 billion.

Write to Dean Seal at

(END) Dow Jones Newswires

05-13-24 0726ET