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iX Biopharma 'warming up' with new outlicensing agreement with Seelos Therapeutics: PhillipCapital

Chloe Lim
Chloe Lim12/1/2021 5:3 PM GMT+08  • 3 min read
iX Biopharma 'warming up' with new outlicensing agreement with Seelos Therapeutics: PhillipCapital
PhillipCapital analyst Paul Chew maintains “buy” rating on iX Biopharma with an increased target price to 35.5 cents
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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.

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