Xoma Ltd. stock surged Tuesday morning after the drug developer said it licensed its bacterial cell expression technology, used in screening and making antibody products, to Pfizer Inc.
Shares gained 53 cents, or 23.2 percent, to $2.81.
Xoma makes products that test for the presence of antibodies and identify non-human antibodies that can be used in humans. It has partnerships with Schering-Plough Corp., Genentech Inc., Takeda Pharmaceutical Co. and Aveo Pharmaceuticals Inc., among others.
Xoma is also developing its drug Neupreux as a treatment for the blood infection meningococcemia and the eye disease presumed ocular histoplasmosis. It is also testing the drug's effectiveness in reducing complications of bone marrow transplants and for patients with severe burns.
Four analysts rate the stock at "Buy," while two others assign a "Neutral" rating or the equivalent.