Shares in the UK’s Oxford BioMedica leapt by as much as 12% during morning trading in London today to a new year-high after the firm said that it had signed a licensing agreement with Pfizer for its LentiVector technology.

The exact financial details remain undisclosed, but Oxford BioMedica says it will receive an upfront licence payment and an annual maintenance fee in return for furnishing Pfizer with the rights to use the gene delivery system in its research activities.

Oxford BioMedica says that its LentiVector technology has applications both in therapeutic products and as a drug discovery tool for target validation and the creation of targeted disease models.