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PhaseBio Stock Jumps On Bentracimab Commercialization Pact In Europe

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  • PhaseBio Pharmaceuticals Inc (NASDAQ: PHAS) has entered into an exclusive licensing agreement with privately-held Alfasigma S.p.A for the commercialization of bentracimab.

  • The agreement covers countries in the European Union and European Economic Area, and the U.K., Russia, Ukraine, and other countries within the Commonwealth of Independent States.

  • PhaseBio will receive a $20 million upfront payment and will be eligible to receive up to $35 million in pre-revenue regulatory milestones.

  • It will also be eligible for up to $190 million in sales milestone payments and sales-based royalties.

  • Bentracimab is currently in a REVERSE-IT Phase 3 trial designed to study reversal of the antiplatelet effects of ticagrelor with bentracimab.

  • Enrollment of the first 100 subjects will complete in mid-2021, and it is targeting to submit its marketing application in mid-2022.

  • Price Action: PHAS shares are up 13.7% at $4.49 during the premarket trading session on the last check Thursday.

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