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Shares of Open Orphan PLC (LON: ORPH) today extended yesterday’s decline despite announcing that its Venn Life Sciences division had secured a major contract renewal.

The rare and orphan drug consulting company yesterday reported that one of the top three global pharmaceutical companies had renewed its contract with the Venn Life Sciences division for the entire year.

The news triggered a brief rally in Open Orphan’s share price, which was soon followed by a pullback that saw the stock lose all its original gains and end the day lower.

Open Orphan’s team based in Breda, Netherlands, will fulfil the contract by providing chemistry, manufacturing and control consultancy (CMC) services to one of the client's vaccine development programmes.

Chairman Cathal Friel said: “We are delighted to enter 2021 with another contract signed by the Venn team in Breda with this top-three global pharmaceutical client.”

Adding:

“Venn have been providing CMC support to this top tier company since 2012 and are pleased to be continuing to work with this client in their vaccine development programme.”

This is the second contract extension won by the Venn Life Sciences division given that the company made a similar announcement in late December.

Open Orphan share price

Tradingview chart of Open Oprhan share price 07012021

Today's open Orphan shares fell 2.98% to trade at 26.0p having fallen from yesterday’s closing price of 26.8p.

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