Shares in Intercell hit an all-time high during early trading Monday on news that it had entered a broadly based alliance with Novartis AG, with a guaranteed cash element of €270 million (US$366.7 million), comprising an up-front, option and license payment of €120 million and a stock purchase worth €150 million. It could earn several hundred million more, through milestones from or profit shares in multiple development programs. (BioWorld International)