Immunomedics (NASDAQ: IMMU) ended the day up 19.5% after a judge ruled that the biotech can’t close its deal with Seattle Genetics (NASDAQ: SGEN) quite yet.
The stock price going up after the deal was temporarily blocked may seem counterintuitive considering the deal for IMMU-132 was pretty solid, with Immunomedics getting $250 million upfront plus other milestone payments that could make the deal worth about $2 billion. And Seattle Genetics is also on the hook for royalty payments if the drug is eventually approved.