Almirall: share price surges after agreement with Novo Nordisk
February 19, 2024 at 05:36 am EST
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Almirall shares climbed over 4% on Monday morning on the Madrid Stock Exchange, following the signature of a licensing agreement with Danish giant Novo Nordisk.
The agreement covers exclusive worldwide rights to the monoclonal antibody NN-8828, which Almirall intends to develop for the treatment of inflammatory and dermatological diseases.
The agreement - the terms of which were not disclosed - provides for an upfront payment to Novo, additional sums linked to the achievement of certain targets, and royalties on any future sales of the drug.
NN-8828 is expected to block the activation of interleukin-21 (IL-21) and inhibit the pathophysiological response of this cytokine in immune cells, a mechanism that Almirall considers promising in the treatment of inflammatory and autoimmune skin diseases.
This announcement overshadowed the disappointing 2023 annual results and lower-than-expected outlook published earlier in the morning by the Spanish laboratory.
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Almirall SA is a Spain-based company principally engaged in the pharmaceuticals manufacture. The Company focuses on development and marketing of drugs applied in various therapeutic areas, such as nervous system, gastrointestinal, dermatological, respiratory system, antiinfectives, as well as antineoplastic and immunomodulating agents. The Company's activities are divided into four business segments: Own network, which focuses on the commercialization of pharmaceuticals through own brand names; Licenses, which sells product rights to third parties; Research and development (R&D), which is responsible for the creation of drug candidates, as well as Dermatology, which includes sale of dermatological medicines in the United States. The Company operates through numerous subsidiaries in Europe, the Americas, Africa, Asia and Australia.
ALMIRALL, S.A. 
