RedHill Biopharma: Rises on Cosmo Pharmaceuticals collaboration

Cosmo NV

18/10/2019 15:25

** Israel-based drug developer's U.S.-listed shares  RDHL.O 
rise as much as 16.4% to $7.18 - their highest since Oct. 1
    ** RedHill  RDHL.TA  enters into a strategic pact with Cosmo
Pharmaceuticals NV  COPN.S   urn:newsml:reuters.com:*:nGNX9kHD1n
    ** COPN grants RDHL exclusive U.S. rights for Aemcolo
(rifamycin), COPN's oral antibiotic for treatment of Travelers'
diarrhea
    ** RDHL will issue COPN 1.7 million ADS at an agreed value
of $12 million as upfront payment for U.S. rights to Aemcolo 
    ** RDHL to also pay COPN royalty percentage in high twenties
on net sales generated from Aemcolo's U.S. sales 
    ** COPN to also invest $36.3 mln in RDHL at $7.00 per ADS;
COPN will be entitled to nominate one member to RDHL's board   
    ** Including session gains, U.S.-listed shares of RDHL up
17.1% YTD

 (Reporting by Anuron Kumar  Mitra)
 ((AnuronKumar.Mitra@thomsonreuters.com; within U.S. +1 646 223
8780, outside U.S. +91 99863 58469;))