Monday, April 6, 1998
OXFORD - Chiroscience (LSE:CRO) completed the deal the London market has been waiting for, announcing that Zeneca will commercialize CRO's Chirocaine local anesthetic, a levobupivacaine-based product. CRO shares shot up 23 percent in response to the news, closing at 323.5p.
The reaction reinforced a number of observations about the London market, including that investors had been bottling up their reactions to a number of announcements made by CRO in the past year. It also confirms the dynamic that London-listed shares in the past year tend to fall as a group on bad news but rise independently