(CercleFinance.com) – Medincell shares jumped Wednesday morning on the Paris Stock Exchange after the signing of a strategic agreement with the American AbbVie, known for its flagship drug against rheumatoid arthritis Humira.
At 10:40 a.m., the stock of the biopharmaceutical company rose by more than 7% in strong volumes, already representing 14 times those achieved on average by value over the last four sessions on Euronext.
For comparison, the CAC Mid & Small index only gained 0.8% over the same time.
Under the terms of the agreement, Medincell could receive up to $1.9 billion in milestone payments, not including royalties on any future sales resulting from their collaboration.
The two groups plan to co-develop and commercialize up to six products based on Medincell’s platform allowing the injection of long-acting therapies.
For the record, the first drug based on its technology, intended for the treatment of schizophrenia, was approved by the FDA in 2023 and is now distributed in the United States by the Israeli Teva.
Under the agreement revealed today, Medincell will receive an upfront payment of $35 million.