Benzinga | Jul 8, 2021 09:23AM EDT

F-star Therapeutics Stock Jumps On Licensing Pact For STING Inhibitors With AstraZeneca

* F-star Therapeutics Inc (NASDAQ:FSTX) has entered into an exclusive licensing agreement with AstraZeneca plc (NASDAQ:AZN) for research, development, and commercialization of next-generation Stimulator of Interferon Genes (STING) inhibitor compounds.

* Under the terms of the agreement, AstraZeneca is granted exclusive access to F-star's novel preclinical STING inhibitors.

* AstraZeneca will be responsible for all future R&D and commercialization of the STING inhibitor compounds.

* F-star will retain rights to all STING agonists currently in clinical development for cancer.

* F-star is eligible to receive upfront and near-term payments of up to $12 million and milestone payments of over $300 million, as well as royalty payments.

* Price Action: FSTX shares are up 15.4% at $8.47, and AZN shares are down 0.97% at $59.18 during the premarket session on the last check Thursday.