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XOMA Corp: Surges on agreements with Novartis TOI GET APP BUSINESS AA XOMA Corp: Surges on agreements with Novartis Reuters | 13 hours ago WhatsappFacebookGoogle PlusTwitterEmailLinkedinSMS SHARE ** Drug developer's shares up 23.2 pct at $11.00 and on track for a 11-month high ** Co announces two license agreements with Novartis ** XOMA to license to Novartis the global commercial rights to its drug gevokizumab, as well as intellectual property rights to its IL-1 beta drugs that target antibodies in the treatment of cardiovascular disease ** Gevokizumab is a potent monoclonal antibody with potential to treat a variety of inflammatory and other diseases ** XOMA will receive $31 mln upfront, including a $5 mln equity investment, plus possible milestone payments and royalties ** CEO Jim Neal says agreements eliminates almost half of XOMA's outstanding debt, more than doubles cash position ** Novartis also agrees to settle XOMA's 12-mln-euro ($14.2 mln) debt to Les Laboratoires Servier ** As of June 30, co had cash and cash equivalents of $12.5 mln ** XOMA had more than doubled in value YTD ($1 = 0.8474 euros) http://m.timesofindia.com/business/international-business/xoma-corp-surges-on-agreements-with-novartis/articleshow/60223348.cms

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