Absci stock rockets after collaboration with Merck could lead to more than $600 million in payments

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Absci Corp. ABSI shares,
-12.78%
Volume skyrocketed to a whopping 59.1% in premarket trading on Friday, after the biotechnology company said it was trading at Merck & Co. may be eligible to receive up to $610 million in advance fees and milestone payments from MRK,
-0.06%
As part of a research collaboration agreement. Trading volume rose to 9.7 million shares compared to the full day’s average of around 324,800 shares, giving the stock the biggest gains and the most actively traded at the open. As part of the collaboration, Ebsi’s Bionic Protein Amino Acid technology will be used to produce enzymes tailored to Merck’s biomanufacturing platform. Merck also has the option to nominate three targets and enter into a drug discovery collaboration agreement. The stock, which closed Thursday at a record low of $6.14, was down 42.9% in the past three months since Thursday, while the iShares Biotechnology ETF IBB,
-0.06%
8.8% and the S&P 500 SPX is down,
-0.10%
increased by 6.7%.

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