At the start of March, Cambridge Antibody Technology (Cambridge, UK) announced a 10-year, $67 million agreement with genomics company Human Genome Sciences (Rockville, MD) to turn human genome data into human antibody-based therapies and diagnostics. Under terms of the deal, HGS will pay at least $12 million to CAT in research funding and licensing fees for the right to use CAT's phage display technology in developing drugs from proteins HGS has derived from human genome sequence information. HGS will also pay $55 million for a 6% stake (1.67 million shares) in the company and will make additional milestone and royalty payments on resulting products developed and sold by HGS. CAT has the right to develop a maximum of 24 of HGS's protein targets, and HGS can choose to share the costs and profits of 18 of those. The news sent CAT's stock shooting up around 60% to over £37 ($55) the day of the announcement, while HGS's share price rose 3.2% to $225.3.