Biotechnology company Summit Corp climbed 4 pence to 59-1/2 pence following news of a worldwide licensing agreement with BioMarin Pharmaceutical Inc. for the company's pre-clinical candidate SMT C1100 to treat the fatal genetic disorder Duchenne muscular dystrophy.
Under the deal -- worth $143 million -- biotechnology company Summit said it will receive an upfront payment of $7 million in the form of an equity investment in Summit shares, along with future development and regulatory milestones of up to $51 million, tiered royalties in the low teens tied to sales and product sales milestones.
Landsbanki's valuation of 135 pence a share represents around 127 percent potential upside to the current share price and underpins the broker's 'buy' recommendation for the stock.
Again on the upside, Sinclair Pharma (LSE: SPH.L - news) ticked up 2-1/4 pence to 35 pence as the international specialty pharma company said it expects sales for 2008 to be 30.2 million pounds, up 30 pct on last year, and that it would achieve its first profitable full year since its IPO.
The company achieved 2.5 million profits at EBITDA level in the second half, before exceptional net credits.
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