* Trubion to get $20 mln in upfront payment
* Facet to buy 2.2 mln Trubion shares for $10 mln
* Trubion shares jump 76 pct

Facet Biotech Corp (FACT.O) and Trubion Pharmaceuticals Inc (TRBN.O) agreed to jointly develop and market Trubion's experimental drug for a type of blood cancer, the companies said, sending Trubion shares up 76 percent.

Trubion will get $20 million upfront payment from Facet under the terms and up to an additional $176.5 million on reaching certain milestones, the companies said in a statement.

Facet will also buy 2.2 million shares of Trubion's common stock for $10 million.

The compound, TRU-016, is in early-stage clinical development for chronic lymphocytic leukemia.

Facet shares were down 2.5 percent at $11.01 in morning trade, while Trubion shares touched a 52-week high of $6.75 on Nasdaq. (Reporting by Shailesh Kuber in Bangalore; Editing by Gopakumar Warrier)