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Hospira, Pfenex in deal for Lucentis biosimilar

February 11, 2015 1:21 AM UTC

Pfenex Inc. (NYSE-M:PFNX) jumped $1.10 (16%) to $8 on Tuesday after partnering with Hospira Inc. (NYSE:HSP) to collaborate on the development of PF-582, Pfenex's biosimilar of Lucentis ranibizumab from the Genentech Inc. unit of Roche (SIX:ROG; OTCQX:RHHBY) and Novartis AG (NYSE:NVS; SIX:NOVN).

Hospira will receive exclusive, worldwide rights to develop and commercialize PF-582. Pfenex will receive $51 million up front and is eligible for $291 million in development and sales milestones, plus tiered double-digit royalties. Pfenex and Hospira will share the costs of a Phase III bioequivalence trial. ...