“Seelos will fund future development, manufacturing and commercialisation of Wafermine and related drugs. iX Biopharma will receive an upfront payment, development milestone, sales milestone and royalties,” says Chew.
PhillipCapital analyst Paul Chew maintains “buy” rating on iX Biopharma with an increased target price to 35.5 cents from 33.5 cents, as the analyst incorporates a higher upfront fee of $12.1 million and raised expected development income.
iX Biopharma has signed an outlicensing agreement for its Wafermine drug worth more than $300 million (excluding royalties) with Nasdaq-listed Seelos Therapeutics. Seelos provides the regulatory, clinical development and local USA market knowledge to register and commercialise Wafermine and other ketamine-related products.
