By Colin Kellaher

TScan Therapeutics shares surged on Tuesday after the clinical-stage biopharmaceutical company said it entered a collaboration potentially worth more than $500 million with biotechnology company Amgen.

Shares of Waltham, Mass.-based TScan were recently changing hands at $3.32, up nearly 48%, in early trading.

TScan said it would receive an upfront payment of $30 million from Amgen, adding that it could earn more than $500 million in success-based milestone payments, along royalty payments on sales of products developed from the collaboration.

TScan and Amgen, based in Thousand Oaks, Calif., said they would work together to discover new targets for the chronic inflammatory bowel disorder Crohn's disease.

TScan ended 2022 with $120 million in cash and equivalents.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

May 09, 2023 09:53 ET (13:53 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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