Shares in a clinical stage drug development have more than doubled in value after it revealed a $160.5m deal.
Evgen Pharma, which is listed on AIM and has bases in Liverpool and Wimslow, has licensed the global rights for lead asset SFX-01 in neurodevelopmental disorders and schizophrenia to Stalicla SA.
The Swiss company specialises in the identification of specific phenotypes of autism spectrum disorder (ASD).
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After the deal was announced, shares in Evgen Pharma surged by more than 107% and are now trading at just over 6p each.
It's the highest the company's shares have traded at since November 2021.
Evgen Pharma started operations in January 2008 and joined AIM in October 2015.
Chief executive Huw Jones said: "This is an exciting opportunity to work with Stalicla to develop a potential treatment for ASD and other neuropsychiatric disorders.
"There are no current approved treatments for ASD but a molecular target activated by SFX-01 offers considerable promise in alleviating some of the complex behavioural challenges experienced by people with these conditions.
"Stalicla is a unique partner in ASD, with its proprietary technology for screening those patients who are most likely to respond to SFX-01.
"This recognition of SFX-01 as a potential treatment for a major neuropsychiatric condition, demonstrates the variety of potential uses of our Sulforadex platform, along with our ability to execute on our business model.
"Entering the CNS (Central Nervous System) space with this partnership is especially compelling due to the promising clinical data for sulforaphane in this area in earlier studies."
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