Silence Therapeutics plc (LON: SLN) share price surged 6.48% higher after unveiling a collaboration partnership with China’s Hansoh Pharma to develop three unnamed treatments using SLN’s proprietary mRNAi GOLD™ platform.
The deal is worth up to $1.3 billion in milestone payments at different stages, including the drug development and regulatory approval phases and the attainment of certain commercial milestones.
Silence is a Uk biopharmaceutical company specialising in discovering, developing, and delivering novel short interfering ribonucleic acid (siRNA) therapeutics using its proprietary mRNAi GOLD™ platform.
The company will receive an upfront payment of $16 million to collaborate with Hansoh in developing the three unnamed drug targets.
Hansoh will have exclusive rights to the first two treatments to develop and market them within Hong Kong, Taiwan, Greater China and Macau following the successful completion of phase 1 clinical trials.
Silence Therapeutics will have exclusive rights to the two targets within all other territories globally. The biopharma company will also be responsible for continuing the development of the drug globally after the end of phase 1 studies.
In a separate news release, Silence Therapeutics informed investors of its plan to delist from London’s AIM market effective from November 29, 2021. However, the company will remain listed on the NASDAQ exchange, which will be its primary listing in the future.
British investors were displeased by the delisting news, which saw their shares give up all of their earlier gains.
Mark Rothera, Silence Therapeutics’s President and CEO, said: “We believe Hansoh's extensive clinical development and commercialization experience in China make them an ideal partner.
“This collaboration is a good example of our hybrid model in action, balancing proprietary and partnered programs to maximize the substantial opportunity of our mRNAi GOLD™ platform for targeting disease-associated genes in the liver.”
Adding:
“The Hansoh partnership enables us to move two new proprietary programs forward subsidized by non-dilutive capital while also gaining access to the second-largest pharmaceutical market globally.”
*This is not investment advice.
Silence Therapeutics share price.
Silence Therapeutics share price spiked 6.48% higher to trade at 566.50p, rising from Thursday’s closing price of 532.00p but later gave up all gains.
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