08:14 AM EST, 11/18/2024 (MT Newswires) -- HCW Biologics ( HCWB ) and WY Biotech said Monday they struck a license deal to develop and commercialize one of the former's immunotherapeutic product candidates.

Under the terms, HCW Biologics ( HCWB ) will receive a $7 million upfront payment from WY Biotech, while the latter will cover all expenses regarding research and development, manufacturing, clinical development, regulatory approval, and commercialization of the candidate, the companies added.

HCW Biologics ( HCWB ) will cover costs for clinical development, regulatory approval, and commercialization of the candidate in the US, Canada, Central America, and Latin America, the parties said.

HCW Biologics ( HCWB ) shares surged 246% in recent Monday premarket activity.