Biopharmaceutical company Pharnext's share price soared on the Paris stock exchange on Wednesday, after receiving several expressions of interest in a potential licensing agreement.

In a press release, Pharnext explains that it has entered "the home stretch" for the conclusion of an agreement that would enable it to add value to its main asset, its drug candidate for Charcot-Marie-Tooth type 1A disease.

At the end of the first phase of the search for a partner, initiated last spring, several pharmaceutical companies expressed interest in obtaining the commercial rights to PXT3003 in certain geographical areas.

According to the terms of these non-binding offers, the total value of licensing agreements for PXT3003 could be - depending on the offers - close to 400 million euros.

Pharnext says it has invited candidates to submit a binding offer by September 29, at which point the company will review the offers received and select one or more potential partners with a view to signing a definitive agreement by the end of October.

This step comes at a time when Pharnext announced, at the end of August, the end of its pivotal Phase III clinical trial on PXT3003, for which preliminary results are still expected in Q4.

The shares of the neurodegenerative disease specialist, whose market capitalization today stands at 875,000 euros, were reserved for the upside after having soared by over 200% in early trading.

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