Medicus Pharma surges on Pfizer licensing deal for experimental cancer therapy

** Shares of drug developer Medicus Pharma (MDCX.O) jump 19.3% to 31 cents premarket

** The company said in a regulatory filing that it has entered into a license agreement with Pfizer (PFE.N) for rights to develop and commercialize an experimental cancer therapy

** Under the deal, Pfizer is eligible to receive more than $1 billion in development, regulatory and sales-based milestone payments, as well as tiered low double-digit royalties on net sales

** Pfizer granted Medicus an exclusive global license to develop, manufacture and commercialize PF-08046031, also known as CD228V, an early-stage antibody-drug conjugate targeting melanotransferrin (CD228) for all human diseases and disorders

** As part of the agreement, Medicus paid Pfizer a non-refundable upfront fee of $12 million and will make an additional $15 million payment on the first anniversary of the deal

** Pfizer, in turn, paid Medicus $2 million that must be used to support development activities for CD228V

** Up to last close, MDCX was down 83% and PFE was up 16.6% year to date