Ipsen deal puts Genfit on track for best day in almost 10 yrs

Genfit SA

17/12/2021 09:06

(Adds further comments from analyst, details on Ipsen stake and
shares, updates milestone)
    ** Shares in French pharma group Genfit  GNFT.PA  soar
around 47% on a long-term commercial partnership it struck with
Ipsen  IPN.PA , which also enters its capital with via an 8%
stake
    ** Genfit's shares, trading at about 1,856% of their 30-day
moving average, head for their best day in nine years and 10
months
    ** Under the agreement, which regards Genfit's rare
autoimmune liver disease treatment, it will receive 120 million
euros ($135.86 million) upfront and be eligible to receive up to
360 million euros in milestone payments, tiered double-digit
royalties of up to 20%  urn:newsml:reuters.com:*:nASN0020EY
    ** ODDO BHF says it's "a deal that restarts the story,"
highlighting the terms that seem very beneficial for Genfit
    ** The brokerage ups the drugmaker to 'outperform' from
'neutral' 
    ** Credit Suisse adds the deal fits with Ipsen strategy in
rare diseases
    ** Ipsen (-1.5%) invested 28 million euros to buy the stake,
resulting in a price of 7 euro per share, a premium of 133% over
Genfit's Thursday closing price of 3 euros

($1 = 0.8832 euros)

 (Reporting by Diana Mandiá and Anait Miridzhanian)
 ((diana.mandiaalvarez@thomsonreuters.com;
anait.miridzhanian@thomsonreuters.com))