ARTICLE | Company News

GW gains on Sativex deal

April 12, 2011 12:28 AM UTC

GW Pharmaceuticals plc (LSE:GWP) gained 12.50p (13%) to 108p on Monday after granting Novartis AG (NYSE:NVS; SIX:NOVN) exclusive rights to commercialize Sativex in Australia, New Zealand, Africa, Asia and the Middle East. The territories exclude Japan, China, Hong Kong and Israel/Palestine. The sublingual cannabis extract spray containing tetrahydrocannabinol (THC) and cannabidiol (CBD) is approved in Canada, Spain, New Zealand and the U.K. to treat spasticity due to multiple sclerosis (MS). GW will receive $5 million up front and is eligible to receive $28.8 million in milestones, plus royalties. ...