AEterna Zentaris AEZS shares were surging Wednesday after a deal between Novo Nordisk A/S NVO and Stongbridge Biopharma plc SBBP has been announced for the rights to Macrilen.
Novo Nordisk announced that it has entered into an agreement to acquire the U.S. and Canadian rights to Macrilen from Strongbridge Biopharma and will acquire 5.2 million shares at $7 per share.
The news sent AEterna Zentaris shares soaring, as it receives 15-18 percent royalties from sales of Macrilen in the U.S. and Canada.
Under the terms of agreement, AEterna Zentaris will be eligible for a portion of milestone payments for a pediatric indication and for achieving certain sales targets.
Strongbridge Biopharma shares closed more than 58 percent higher Wednesday at $6.40 following the announcement, while Novo Nordisk shares were up 1.41 percent at $43.18.
Related Links:
The Daily Biotech Pulse: KemPharm, FDA Nod For Merck, Clovis Q3 Miss, 3 Stocks To Debut
Dicerna Soars After Eli Lilly Invests $100M In Licensing, Research Deal
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
