US Rx cough/cold deal boosts Vernalis
UK biotech firm Vernalis (LSE: VER) saw its share price rocket 28% to 25.2 pence last Friday, when the company announced a deal with privately-held US specialty pharma company Tris to develop and commercialize multiple novel products focused on the US prescription cough/cold market, which is valued at around $2 billion.
The accord was welcomed by investors, who on the same day pledged more than three times the company's pre-announcement £20 million market value in a fundraising. Vernalis raised £65.9 million ($104.1 million) after costs. According to the Financial Times, around 80% of the new funding will be put towards the Tris deal, with the remainder to be used to “look for late-stage similar opportunities.”
Will use Tris’ extended-release technology
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