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Aptevo Therapeutics shares rocket on Nasdaq after hyperimmune product sale

The deal includes an upfront payment of $65 million, and an additional potential milestone payment of up to $7.5mln

Shares surged on news of the deal..

Top riser on Nasdaq was Aptevo Therapeutics Inc (NASDAQ:APVO) which surged almost 62% as it agreed to sell its three marketed hyperimmune products WinRho SDF, HepaGam B, and VARIZIG for up to $74.5 million.

The buyer is  Saol Therapeutics

The deal includes an upfront payment of $65 million, and an additional potential milestone payment of up to $7.5 million related to the achievement of gross profit milestones. 

Aptevo may receive up to $2mln related to collection of certain accounts receivable after the closing.

"The significant non-dilutive funding provided by this transaction will ensure that Aptevo continues to be solidly capitalized to invest in the opportunities where we see the most potential for long-term value creation for our stockholders,” said Marvin L. White, chief executive.

“With a deal value of up to $74.5 million, representing approximately 2.8 times both our current market capitalization on August 30, 2017 and our 2016 annual revenue, we view this as a very attractive opportunity to monetize our non-core assets and not dilute our stockholders as we continue to invest in promising assets like our ADAPTIR platform.”

The group's ADAPTIR technology is used to generate antibodies with unique mechanisms of action to treat cancer or autoimmune diseases.

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