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NEW YORK (AP) — Shares of Vical Inc. rose Thursday after the company said it licensed vaccine and immunization technology to drugmaker Bristol-Myers Squibb Co.
Vical said Bristol-Myers is receiving a worldwide non-exclusive license for its Vaxfectin adjuvant, which is designed to enhance vaccines, and its DNA immunization technology. It said Bristol-Myers Squibb will use the technology to develop potential vaccines for use in humans. Vical will also provide some quantities of Vaxfectin adjuvant for Bristol-Myers.
The companies did not disclose terms of the agreement.
Vical shares rose 32 cents, or 8.5 percent, to $4.09 in morning trading. Its shares are near their 52-week high of $4.82 set in early December 2011.
Vical is based in San Diego. The company is developing several vaccines that use Vaxfectin adjuvant technology, including shots intended to prevent cytomegalovirus infection and pandemic influenza. Vical had said it was seeking partnerships with other companies.