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.


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