BiolineRX licenses flagship drug

The drug development company's share rose 14.8% by midday.

Drug developer BiolineRX Ltd. (TASE:BLRX) has licensed its flagship product, BL-1040 for the treatment of acute myocardial infarction (heart attack), to Ikaria Holdings Inc. for $285 million.

The expected payment does not include royalties on sales. BiolineRX expects to receive royalties of 11-15% on annual sales.

BiolineRX's share rose 14.8% by midday to NIS 2.03, giving a market cap of NIS 198 million.

Ikaria received a global exclusive out-license to complete the development and commercialization of BL-1040, following completion of the current study by BiolineRX. The deal is subject to certain conditions, including approval by the Office of the Chief Scientist.

Ikaria is a New Jersey-based privately owned drug development company that seeks breakthrough technologies to meet the needs of critically ill patients.

On Thursday, BiolineRX completed a NIS 50 million rights offering.

Published by Globes [online], Israel business news - - on July 6, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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