Shares of Nanobiotix SA NBTX, +1.57% shot up 52.1% toward a 17-month high in premarket trading Monday, after the France-based biotechnology company announced a global licensing and co-development agreement with Johnson & Johnson’s JNJ, -1.45% Janssen Pharmaceutica NV for its cancer treatment.
The company will also be eligible for up to $1.8 billion related to potential development, regulatory and sales milestones. The agreement comes after Nanobiotix’s stock rocketed 229.1% on May 5, after the company said it entered into a final contract negotiations with a “major global pharmaceutical company” to develop and commercialize NBTXR3. The stock has rallied 41.1% year to date through Friday, while the iShares Biotechnology exchange-traded fund IBB, -0.85% has lost 5.