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Protherics comes good with GBP195m Astrazeneca deal.

Investors Chronicle

| December 16, 2005 | COPYRIGHT 2007 FT Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Last December, when Protherics' chief executive Andrew Heath announced that he had eight out of 20 of the world's biggest pharmaceutical companies interested in licensing its sepsis product, Cytofab, the shares reacted positively. But when nothing happened - despite rumours in February of a deal with AstraZeneca - interest in the shares waned and Mr Heath's confidence looked like overexuberance.

However, to Protherics credit, a year later it has inked an enviable licensing agreement with AstraZeneca worth GBP195m, with a royalty rate of 20 per cent. Protherics will receive an upfront fee of GBP16.3m and the drug giant is backing its investment by buying a 4.3 per cent …

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Source: HighBeam Research, Protherics comes good with GBP195m Astrazeneca deal.

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