Adocia jumps after signing exclusivity deal on M1Pram with Sanofi

Adocia SA

06/07/2023 09:03

** Shares in Adocia  ADOC.PA  rise as much as 29.3% after
the French biotechnology company on Wednesday said it had signed
an exclusivity agreement with Sanofi  SASY.PA  for M1Pram, a
type 1 diabetes treatment
    ** The French pharmaceutical group will pay Adocia 10
million euros ($10.87 million) for an exclusive right to
negotiate a worldwide partnership for M1Pram
    ** Simultaneously, Adocia will raise 10 million euros
through a 5 million euro private placement and issuance of
convertible bonds worth 5 million euros, the group says
    ** Adocia also expects to receive two payments from its
partnership with Tonghua Dongbao  600867.SS  in 2024, and all
these payments will provide it with sufficient cash until
end-2024
    ** The group says that following the agreements, it decided
to make an early repayment of a loan from IPF Partners for an
amount of 9.8 million euros
    ** The stock is up 12.6% at 0751 GMT, outperforming the
French SBF 120 index  .SBF120  and on track for a best day since
May 8
    ** Including Thursday's rise, the stock has gained around
12% YTD
    ** Sanofi  SASY.PA  is down 1.7% as of 0759 GMT​

($1 = 0.9200 euros)

 (Reporting by Dina Kartit and Diana Mandia)
 ((dina.kartit@thomsonreuters.com))