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.

Casper Ruud captured the Stockholm Open title with a commanding 6-3, 6-2 victory over Ugo Humbert in a final that lasted just 68 minutes. The Norwegian second seed dominated throughout the match, dropping only two points on his serve in the first set and just one point in the second set. After breaking Humbert early in both sets, Ruud comfortably served out the match to claim his second title of 2025, following his earlier Masters 1000 victory in Madrid.

The victory came amid growing concerns about player welfare on the ATP Tour, highlighted by Holger Rune's season-ending injury during the tournament's semifinals. Rune had started strongly in Stockholm, reaching the semifinal round with victories over Marton Fucsovics and Tomas Martin Etcheverry before suffering a torn Achilles tendon that forced his withdrawal from the match against Humbert. The injury abruptly ended Rune's season, preventing his potential qualification for the season finale.

Ruud addressed the injury concerns in post-match comments, expressing frustration with the demanding tournament schedule. "It's very demanding when you go directly from tournament to tournament," Ruud stated. "Holger was in Shanghai last week, and when something is so demanding, something like this can unfortunately happen. We're all in some kind of risk zone when we step onto the pitch." The Norwegian added that while he couldn't confirm a direct connection between Rune's injury and the schedule, "in a way, all injuries are probably because of the tough schedule."

The concerns about player workload extend beyond Ruud's comments, with world No. 9 Jack Draper recently requesting the ATP Tour to reassess its packed calendar. Players have emphasized the need for a more manageable schedule to ensure long and healthy careers. Ruud acknowledged the physical demands, noting that players are "really pushing our own limits at the moment" and expressing sympathy for Rune's unfortunate situation while wishing him a speedy recovery.