Angel Biotechnology, the AIM listed producer of proteins and cell therapies, has signed a further three manufacturing contracts with Materia Medica worth in excess of £4.5m.
The agreement, which has seen Angel's stock rocket 13.7% this morning, is expected to take 22 months to complete.
Initial production will take place in Edinburgh but the company hopes to transfer activities to its recommissioned site in Cramlington, near Newcastle, during 2012.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Materia and Angel had already agreed to form a joint venture in October last year and the contracts for this work will transfer to the joint entity.
Dr Paul Harper, the Executive Chairman of Angel Biotechnology said the deal put the joint venture on to a "sure footing" while Professor Oleg Epstein from Materia said he believed the deal will enable the firms to bring new products to market in a "timely manner".
Over the last 12 months Angel has lost 35% of its value.
BS
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
