Benzinga | Jul 28, 2021 11:33AM EDT

Why XOMA Stock Is Trading Higher Wednesday?

* XOMA Corporation (NASDAQ:XOMA) stock is trading higher during the morning session on robust volume after the FDA granted an Orphan drug tag to NIS793 for pancreatic cancer.

* Under the terms of the 2015 agreement between XOMA and Novartis AG (NYSE:AG), XOMA can earn up to $445 million in additional milestone payments.

* Yesterday, Novartis released the press release for NIS793 Orphan Drug Designation.

* Price Action: XOMA shares are up 11.6% at $37.39 during the market session on the last check Wednesday.

* Related content: Benzinga's Full FDA Calendar.