OSE Immuno: share price soars following partnership with AbbVie
(CercleFinance.com) - OSE Immunotherapeutics shares soared on the Paris Bourse on Wednesday, following the signature of a strategic partnership agreement with the American biopharmaceutical group AbbVie.
At around 11:30 a.m., shares in the Nantes-based immunotherapy company were the biggest risers on the Paris market, gaining more than 58%.
Reserved for the upside at the start of the day, shares had gained as much as 82% by around 9:30 a.m. The agreement covers the development of an innovative monoclonal antibody, OSE-230.
The collaboration and licensing agreement with AbbVie covers the development of an innovative monoclonal antibody, OSE-230, designed to resolve chronic inflammation.
Under the terms of the partnership, OSE Immunotherapeutics will receive a payment of $48 million on signature of the contract, and could receive up to a further $665 million in the form of milestone payments.
In a reaction note, analysts at Degroof Petercam - Buy on the stock with a price target of 7.3 euros - refer to a "historic agreement" from the company's point of view.
According to the Belgian investment house, OSE should allocate these funds to its Phase 3 clinical trial on Tedopi, its most advanced product currently in oncology trials in several solid tumors.
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