Biotech company’s share price trebles after major deal with pharma giant
The value of Cheshire drug company Redx Pharma trebled in early trading after it revealed a deal with AstraZeneca which could be worth nearly £300m plus royalty payments.
Its share price was trading more than 10 times higher than at the start of the year, when it was priced at just 8p.
But the AIM-listed company's value has spiked this morning, reaching 90p - a 260% increase inside the first hour. The rise saw Redx's market value jump by £120m to £175m.
Investors' excitement followed news of a deal with AstraZeneca that wi... You can carry on reading TheBusinessDesk.com for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...
