Why Seattle Genetics Stock Jumped 24% in September

Early in the month, investors celebrated the news that Seattle Genetics is partnering with Merck & Co (NYSE:MRK) in two major oncology development programs. Merck will jointly develop and commercialize the biotech's breast cancer tumor treatment, and will assist it in its attempts to broaden the reach of its cancer-fighting drug, Tukysa. The two collaboration agreements included more than $700 million in upfront payments to Seattle Genetics, with the total size of the deal potentially exceeding $4 billion.