11th Nov 2019 13:48
(Alliance News) - Open Orphan PLC on Monday said it has signed a preferred partner agreement with Ipsen Group.
The rare and orphan drug consulting services platform firm said the agreement selects Venn Life Sciences, which is part of the Open Orphan group, as the preferred partner for Ipsen's Data Management and Biostatistics.
The preferred vendor structure will last for three years.
"This partnership has already delivered substantial revenues for the Open Orphan group and positions the business as an integrated drug development partner for Biopharma companies in Europe such as Ipsen," said Open Orphan.
The partnership is expected to be "one of many" long-term contracts which should deliver recurring revenue for the business.
"When we completed the reverse takeover of Venn earlier this summer we promised shareholders that one of our key objectives would be to transform Venn into a profitable pharma services company. This partnership is the first of many steps to make Venn profitable and deliver a re-rating of the business to be in line with the wider sector. I look forward to announcing more positive news in due course," said Chief Executive Cathal Friel.
Shares in Open Orphan were up 3.1% at 6.32 pence in London on Monday.
By Lucy Heming; [email protected]
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