Medincell: program with AbbVie enters pre-clinical phase
(CercleFinance.com) - Shares in biopharmaceutical company Medincell rose on Wednesday in Paris, following the announcement of the entry into pre-clinical phase of a first program with the US pharmaceutical laboratory AbbVie.
Under the terms of this collaboration agreement, both partners plan to launch preclinical work to support the advancement of a first long-acting injectable drug candidate towards clinical development.
This announcement comes as Medincell last night provided an update on the progress of its product portfolio and R&D pipeline.
TP ICAP Midcap, which has a Buy recommendation and a target price of E21 on the stock, this milestone - which comes after only a few months of formulation - should help to fuel the group's product pipeline and thus future revenues.
Last April, Medincell announced that it had signed an agreement with AbbVie to co-develop and commercialize up to six products using its long-acting injectable formulation platform.
Under the terms of the agreement, Medincell received an upfront payment of $35m, and could receive up to $1.9bn in milestone and commercialization payments, in addition to potential 'royalties' on future net sales.
Following this announcement, Medicell shares rose by almost 2% on the Paris Bourse on Wednesday.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
Under the terms of this collaboration agreement, both partners plan to launch preclinical work to support the advancement of a first long-acting injectable drug candidate towards clinical development.
This announcement comes as Medincell last night provided an update on the progress of its product portfolio and R&D pipeline.
TP ICAP Midcap, which has a Buy recommendation and a target price of E21 on the stock, this milestone - which comes after only a few months of formulation - should help to fuel the group's product pipeline and thus future revenues.
Last April, Medincell announced that it had signed an agreement with AbbVie to co-develop and commercialize up to six products using its long-acting injectable formulation platform.
Under the terms of the agreement, Medincell received an upfront payment of $35m, and could receive up to $1.9bn in milestone and commercialization payments, in addition to potential 'royalties' on future net sales.
Following this announcement, Medicell shares rose by almost 2% on the Paris Bourse on Wednesday.
Copyright (c) 2024 CercleFinance.com. All rights reserved.