(CercleFinance.com) – OSE Immunotherapeutics shares soared on the Paris Stock Exchange on Wednesday following the signing of a strategic partnership with the American biopharmaceutical group AbbVie.
Around 11:30 a.m., the stock of the Nantes-based immunotherapies company was at the top of the biggest rises on the Paris market with a gain of more than 58%.
Reserved for an increase at the start of the day, the stock had gained up to 82% around 9:30 a.m.
The collaboration and licensing agreement with AbbVie focuses on the development of an innovative monoclonal antibody, OSE-230, designed to address chronic inflammation.
Under the terms of the partnership, OSE Immunotherapeutics will receive a payment of $48 million upon signing and could receive up to an additional $665 million in milestone payments.
In a reaction note, Degroof Petercam analysts – buying the stock with a price target of 7.3 euros – speak of 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 study on Tedopi, its most advanced product which is currently the subject of oncology trials in several solid tumors.