Protherics PLC surged more than 50% on Thursday after AstraZeneca PLC agreed to pay up to $338 million for the rights to a drug to treat a potentially lethal blood infection.
Protherics said it's won a late-stage licensing deal with AstraZeneca ( AZN) valued at as much of £195 million to license its anti-sepsis product CytoFab, which is being prepared for a Phase III trial.
Insider is looking into CytoFab. But this looks like a great deal for Protherics. The question is will it also be a good deal for AZ? Cheshire-based Protherics reckon CytoFab could help around three million people worldwide to fight sepsis, a dangerous reaction to bacteria in the bloodstream.
AZ have a base in Cheshire as well. Now isn't that a convenient and handy coincidence!
Insider reserves his judgement, for the moment.
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