Genfit (NASDAQ:GNFT) stock is rocketing higher on Friday after the company signed an exclusive licensing agreement with Ipsen (OTCMKTS:IPSEY).
Let’s dive into that recent news below and learn a bit more about Genfit while we’re at it!
- This agreement gives Ipsen the exclusive worldwide rights to develop, manufacture, and commercialize elafibranor.
- This is an investigational treatment from Genfit for patients suffering from Primary Biliary Cholangitis (PBC).
- The deal doesn’t stop there.
- It also gives Ipsen access to future clinical programs led by Genfit.
- Investors will also note that this deal is long-term in nature.
- That includes Ipsen making a €28m investment in the company.
- This has it acquiring newly-issued shares of GNFT stock that give it an 8% stake in the company.
- In addition to this, Genfit also announced its acquisition of rights to develop and commercialize GNS561.
- This is an investigational cholangiocarcinoma treatment from Genoscience Pharma.
- The rights include the U.S., Canada, and Europe.
- Genfit is a late-stage biopharmaceutical company with a focus on developing treatments for severe chronic liver diseases.
- The company was founded in 1999 and operates out of its headquarters in Nord, France.
- GNFT stock is experiencing heavy trading on today’s news.
- That has some 19 million shares on the move as of this writing.
- To put that in perspective, the company’s daily average trading volume is closer to only about 7,000 shares.
GNFT stock is up 46.8% as of Friday morning and is only down about 2% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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