Unilife Corp Shares Continue To Rise Following Sanofi Deal

Shares of Unilife Corp UNIS have appreciated over 100 percent in the past four trading sessions after the company announced a long-term supply agreement with Sanofi valued at $50 million.

Under the terms of the agreement, Unilife will be the sole provider of cartridge-based wearable injectors for all of Sanofi's applicable large dose volume drugs, excluding insulins, for a minimum of 15 years.

Following the announcement on October 6, shares of Unilife closed the trading session at $2.69, up 23.96 percent. Shares consolidated on October 7, closing the session down 2.6 percent.

Momentum has continued into October 8, as the stock was trading at $3.21, up 22 percent.

In the past few months, the stock has seen some resistance around the $3.30 level.