Facet, Trubion in drug deal, Trubion stock soars

Facet Biotech & Trubion Pharmaceuticals agreed to jointly develop & market Trubion's experimental drug for a type of blood cancer, they said, sending Trubion shares up 76%. Trubion will get $20M upfront payment from Facet under terms & up to an add $176.5M on reaching certain milestones, they say. Facet will also buy 2.2M shares of Trubion's stock for $10M. Compound, TRU-016, is in early-stage clinical development for chronic lymphocytic leukemia. Facet shares were down 2.5% at $11.01 in morning trade, while Trubion shares touched a 52-week high of $6.75 on Nasdaq.