30th Oct 2020 11:07
(Alliance News) - Open Orphan PLC on Friday said it has signed a new two-year contract with a tier 1 German pharmaceutical company.
While the pharmaceutical services company did not name the client, it noted the company is one of Europe's top research-driven pharmaceutical firms.
Open Orphan said the contract guarantees annual revenue for the next two years, with work expected to commence this month.
It added the new agreement is in addition to the work currently undertaken by the Venn Life Sciences part of Open Orphan's Breda office in the Netherlands, providing support in quantitative sciences - pharmacokinetics and pharmacometrics - as well as earlier stage projects.
"This contract delivers on a number of our ambitions, it is a large multi-year contract generating recurring revenues, it is with a large partner and it utilises our expertise in pharmacometric analysis. This new contract further demonstrates Open Orphan's ability to execute on its significant pipeline of contracts with major pharmaceutical business," said Executive Chair Cathal Friel.
Shares in Open Orphan were trading 8.0% higher at 27.00 pence each on Friday morning in London.
By Ife Taiwo; [email protected]
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