TopoTarget shares surge on Spectrum deal

Shares in Danish biotech firm TopoTarget leapt on Tuesday after the company said it signed a drug development deal with Spectrum Pharmaceuticals potentially worth more than $350m. TopoTarget shares leapt as much as 40 per cent to a seven-month high of 3.99 crowns before easing to 3.70 crowns at 1128 GMT still up 30 per cent after the company said it signed a deal with Spectrum to co-develop and commercialise its belinostat cancer drug. TopoTarget said it would receive an upfront payment of $30m in cash but that the value of the deal could exceed $350m assuming full commercialisation of the drug. Spectrum will contribute 70 per cent of future development costs, TopoTarget said.