Redhill Biopharma (NASDAQ: RDHL) Soars To $1.60 - Monetizes Talicia Stake In $18 Million Cash Deal With Apotex
The stock makes the Nasdaq top percentage gainer list following breaking news of divestment of its Talicia business. The stock is trading at 1.0500 +0.3890 (+58.85%) on volume of over 91 Million shares as of this report. The stock has a morning high of $1.60.
RedHill Biopharma announced the divestment of its Talicia business to a subsidiary of Apotex Health Corp. (TSX: APTX) for an upfront payment of $18 million plus up to an additional $35 million in potential payments based on worldwide net sales milestones.
AdvertisementUnder the terms of the agreement, RedHill received $18 million in cash and has the potential to receive up to an additional $35 million in payments based on worldwide net sales milestones from Apotex. In return, Apotex will receive RedHill's 70% interest in Talicia, following Apotex's prior acquisition of Cumberland Pharmaceuticals Inc.'s U.S. branded business, which included Cumberland Pharmaceuticals Inc.'s 30% ownership in Talicia.
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