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Launch of the rocket after the opening of the stock exchange: the share of the biotech company Schlierem Molecular Partner increases and increases. Around noon it is trading 30.2 percent more; no other company listed on the Swiss stock exchange is so green. Most of the stocks are tumbling due to concerns about the crown.
What happened? Novartis is now more actively involved in the fight against Corona through a collaboration with Molecular Partners. The two companies from Basel and Schlieren ZH are working together in the form of an option and license agreement. They announced it in the morning.
The goal of the agreement is to develop, manufacture and market two therapeutic candidates. They are called MP0420 and MP0423 and must be tested against the coronavirus.
Companies share research program
Molecular Partners will conduct phase 1 clinical trials. These should start in November 2020. Novartis arrives later: Basel-based company would be responsible for phase 2 and 3 clinical trials, as well as all other activities development and commercialization.
The collaboration aims to leverage Molecular Partners ‘proprietary DARPin technologies and Novartis’ global drug development, approval, manufacturing and commercialization capabilities to move the program forward rapidly, according to the press release.
Basel monetary blessing for molecular partners
As part of the agreement, Molecular Partners will receive an advance of 60 million francs, which also includes shares. Therefore, an additional payment of 150 million Swiss francs will be due if Novartis decides to exercise the option for both therapeutic candidates, as well as significant royalties on sales.
Molecular Partners made headlines more recently. The Federal Office of Public Health (BAG), for example, signed a reservation contract for a Covid-19 drug with the Schlierem-based company in mid-August (SDA / uro).
