Orion, a pharmaceutical company, recently announced a new licensing agreement and raised its estimate for the current year’s turnover and profit. As a result, the company’s share price saw a clear increase on the Helsinki Stock Exchange. The company now projects its net sales for the year to be between 1,440–1,480 million euros and its operating profit to be between 350–380 million euros, up from the previous estimates of 1,340–1,410 million euros and 280–310 million euros, respectively.
The increase in estimates is attributed to a new license agreement with US pharmaceutical company MSD, granting MSD exclusive worldwide rights to opevesostat, developed by Orion. Opevesostat is an oral inhibitor being studied for the treatment of hormone-dependent cancers. Orion’s CEO, Liisa Hurme, stated that turning the collaboration into a license agreement allows the company to focus on other projects while still benefiting from opevesostat’s development and commercialization.
Under the agreement, MSD will assume full responsibility for development and commercialization costs, freeing up 60 million euros on Orion’s balance sheet. The company will continue to manufacture and supply the product to MSD. Following the announcement, Orion’s share price rose significantly on the stock exchange.
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