PhillipCapital analyst Paul Chew maintains “buy” rating on iX Biopharma with an increased target price to 35.5 cents from 33.5 cents, as the analyst incorporates a higher upfront fee of $12.1 million and raised expected development income.
iX Biopharma has signed an outlicensing agreement for its Wafermine drug worth more than $300 million (excluding royalties) with Nasdaq-listed Seelos Therapeutics. Seelos provides the regulatory, clinical development and local USA market knowledge to register and commercialise Wafermine and other ketamine-related products.
“Seelos will fund future development, manufacturing and commercialisation of Wafermine and related drugs. iX Biopharma will receive an upfront payment, development milestone, sales milestone and royalties,” says Chew.
