New Zealand's AFT Pharmaceuticals jumps on U.S. FDA approval for pain relief drug

AFT Pharmaceuticals

18/10/2023 02:29

(Adds latest share moves, milestone)
    ** Shares of AFT Pharmaceuticals Ltd  AFT.NZ  rise as much
as 4.71% to NZ$3.56 - set for their best day since May 22, if
current gains hold
    ** AFT trading 2.9% up at NZ$3.50, as of 0043 GMT; up for a
second straight session 
    ** The drugmaker says the U.S. Food and Drug Administration
(FDA) approved Maxigesic IV, an intravenous form of its patented
pain-relief drug
    ** Says medicine now positioned to go on sale either at
FY24-end or early FY25, which will trigger a $6 mln milestone
payment from U.S. licensee of drug Hikma Pharmaceuticals PLC
 HIK.L 
    ** Says co will receive 65% of the milestone payment, under
profit sharing arrangement with its commercial partner Hyloris
Pharmaceuticals SA  HYL.BR 
    ** Adds it qualifies for a $2.9 mln reimbursement of
regulatory fees paid for the drug to FDA
    ** Stock hits highest level since Aug. 30
    ** About 181,900 shares change hands, compared with the
30-day average volume of 9,441
    ** Stock down 6.9% YTD, as of last close

 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.GovindRao@thomsonreuters.com;))