ObsEva surges on license sale of preterm labor drug to XOMA Corp
22/11/2022 11:25
** U.S.-listed shares of Swiss drug developer ObsEva SA
OBSV.O rise ~66% to 28 cents premarket
** Co announces sale of all its rights to its experimental
preterm labor drug, ebopiprant, to XOMA Corporation for an
upfront payment of $15 mln and future milestone payments of up
to $98 mln
** Sale proceeds are expected to enable the co to lower its
debt and to withdraw its pending moratorium proceedings before
Swiss courts - OBSV
** Proceeds from the sale also expected to improve the co's
ability to regain compliance with Nasdaq's continued listing
requirements - OBSV
** As of last close, stock was down ~92% YTD
(Reporting by Raghav Mahobe)
((Raghav.Mahobe@thomsonreuters.com;))
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