5th Nov 2015 09:46
LONDON (Alliance News) - Alliance Pharma PLC on Thursday said it has reached a GBP6.7 million settlement with French pharmaceutical company Sanofi SA.
The compensation payment to Alliance covers the suspension of manufacturing of bladder cancer treatment ImmuCyst since mid-2012 due to manufacturing issues suffered by Sanofi.
Alliance will continue distributing ImmuCyst in the UK and is planning to bring the product back into supply by the end of the year, though it expects future stocks will be constrained.
It will use the proceeds from the settlement to pay down debt.
Alliance shares were down 0.4% to 503.5 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Alliance Pharma