Genfit rises as cash position benefits from Ipsen deal

Genfit SA

01/03/2022 09:31

** Shares in Genfit  GNFT.PA  edge up 2.2%, paring earlier
gains, after the French pharmaceutical group posted cash
position and revenue growth in 2021, helped by the partnership
with Ipsen  IPN.PA 
    ** FY revenues stood at EUR 80.06 mln ($89.85 mln) compared
to EUR 0.76 million last year, while cash and cash equivalents
totalled EUR 258.8 million
    ** The healthy cash position was significantly strengthened
in 2021 by the EUR 120 million upfront payment from Ipsen for
the elafibranor partnership and by the EUR 28 million equity
investment by Ipsen in Genfon, Portzamparc says
    ** "The deal with Ipsen really gives Genfit a new energy,
which the company has already begun to benefit from through the
acquisition of a licence to Genoscience's assets" the broker
adds
    ** The collaboration and license gives Ipsen exclusive
worldwide license to develop, manufacture and commercialize
Genfit's investigational treatment elafibranor for people with
primary biliary cholangitis (PBC), in return for a EUR 120
million upfront payment


($1 = 0.8910 euros)

 (Reporting by Federica Mileo in Gdansk)
 ((Federica.mileo@thomsonreuters.com))