ImmuPharma PLC (LON: IMM) have announced that they will list on the Life Sciences Heavy Brussels Index.
ImmuPharma is dedicated to the development of innovative drugs to treat serious medical conditions, characterised by high unmet medical need, low marketing costs and relatively low development costs.
Shares of ImmuPharma jumped 3.64% to 18p on the announcement. 13/12/19 12:31BST.
At the end of November, the firm saw their shares rally over 200% as it announced it had agreed a new US licensing deal.
The firm landed a licensing deal worth $100 million for Lupuzor, its drug to treat autoimmune disease lupus. The group will receive up to $70 million of milestone payments, with $5 million due on regulatory approval of the drug.
ImmuPharma will also get royalties of up to 17% on sales, while there are financial incentives to expand Lupuzor’s use into other autoimmune diseases.
Chief executive Dimitri Dimitriou said Avion had a strong track record of taking late stage drugs through the regulatory process and onto commercialisation.
In an update on Friday, the firm has told the market about its intentions to begin trading in Brussels next week as it eyes “additional visibility” among European investors.
On Thursday, Immupharma will list on Euronext Growth Brussels, Europe’s largest market for life science firms, the company said. Euronext Growth Brussels houses 106 life science companies, the index’s head of listing said.
Immupharma said: “The dual listing on Euronext Growth Brussels aims to further increase the visibility of ImmuPharma’s shares in continental Europe where the company is conducting its research & development activities in France and Switzerland.
“In addition to AIM, this dual listing on Euronext allows ImmuPharma to join the number one European stock exchange for life sciences and the world’s second biggest for biotech companies after the United States.”
Chief Executive Dimitri Dimitriou said: “This dual listing on Euronext Growth Brussels gives ImmuPharma additional visibility among European investors. We are confident that our listing on Euronext Brussels will allow us to meet and develop relations with a community of new investors in continental Europe.”
In the pharmaceuticals industry, it has been a busy week for firms, with market leaders making gains.
FTSE100 listed GlaxoSmithKline plc saw their shares modestly boosted on Thursday afternoon following an announcement by the firm on a drug application in the United States.
The firm said last week that ViiV Healthcare has completed submission of a new drug application to the US Food & Drug Administration, seeking approval of fostemsavir.
ViiV Healthcare is majority owned by GSK, with rival firms Pfizer Inc ) and Shionogi Ltd as a minority shareholders.
