Biogen, AGTC Link Up To Develop Gene Therapy
Biotech Applied Genetic Technologies Corp. (AGTC) inked a gene-therapy collaboration with Biogen (BIIB) that could be worth more than $1 billion, sending Applied Genetic stock soaring in massive volume. Biogen will pay $124 million upfront, including a $30 million purchase of AGTC stock at 20.63 a share, a 27% premium on Wednesday’s closing price. Applied Genetic stock jumped as much as 24% and was up 15%, near 19, in morning trading on the