Evaxion Biotech A/S saw its shares surge more than 27% Thursday after announcing that Merck & Co. has exercised its option to license the Danish biotech's vaccine candidate EVX-B3. The Nasdaq-listed stock climbed to $4.20, gaining $0.79 from its previous close of $3.30, with trading volume spiking to 71.4 million shares—far exceeding its average volume of approximately 92,000 shares.

The licensing agreement includes a $7.5 million upfront payment to Evaxion, with potential development, regulatory and sales milestone payments reaching up to $592 million. Merck, known as MSD outside the United States, will also pay royalties on net sales and assume full responsibility for all future development costs of the preclinical vaccine candidate. The deal extends Evaxion's cash runway into the first half of 2027.

EVX-B3 targets an undisclosed pathogen associated with repeated infections, increasing incidence and serious medical complications. Both companies have maintained secrecy around the specific disease target, noting only that no vaccines currently exist for the condition. The candidate was discovered using Evaxion's AI-Immunology platform, which identifies novel targets that might otherwise remain undiscovered.

The collaboration represents a significant validation of Evaxion's technology platform, according to company executives. "This has significant financial value for us, but equally important is the massive validation of our AI-Immunology platform by MSD, the world leader in vaccine development and commercialization," said Birgitte Rønø, Evaxion's chief scientific officer and interim CEO. The companies have also extended the evaluation period for another vaccine candidate, EVX-B2, which targets gonorrhea, with a licensing decision expected in the first half of 2026.

Swedish digital asset manager Virtune has launched what it claims is Europe's most cost-efficient Sui exchange-traded product (ETP) on Euronext Paris, marking another step in the company's expansion across European markets. The Virtune Sui ETP, with the ticker VRTU, provides investors with exposure to the Sui cryptocurrency through a regulated, physically backed investment vehicle. This launch comes as Virtune continues to build its position as one of the leading issuers of regulated crypto ETPs in Europe.

The new ETP features an industry-leading 0.95% annual management fee, making it the most cost-efficient Sui ETP available to European investors. Virtune plans to further expand the product's distribution by listing it on local German exchanges, including gettex and Tradegate, to improve accessibility for German investors. The company has established itself as a trusted provider in the digital asset space, serving over 150,000 investors since its launch just over two years ago.

Security and regulatory compliance remain central to Virtune's approach, with Coinbase serving as the crypto custodian for all of the company's ETPs. The underlying crypto assets are held in cold storage, providing institutional-grade security for investors. This infrastructure supports Virtune's commitment to offering European investors secure, transparent, and regulated access to digital asset markets through traditional investment channels.

Christopher Kock, CEO of Virtune, emphasized the company's mission to make innovative digital assets more accessible to investors. "We are excited to launch the most cost-efficient Sui ETP in Europe, reinforcing our mission to make innovative digital assets more accessible to investors," Kock stated. The launch strengthens Virtune's position as it manages more than $475 million in assets across its product offerings, continuing its growth trajectory in the European digital asset management landscape.