PhaseBio Stock Jumps On Bentracimab Commercialization Pact In Europe

PhaseBio Pharmaceuticals Inc PHAS has entered into an exclusive licensing agreement with privately-held Alfasigma S.p.A for the commercialization of bentracimab.
The agreement covers countries in the European Union and European Economic Area, and the U.K., Russia, Ukraine, and other countries within the Commonwealth of Independent States.
PhaseBio will receive a $20 million upfront payment and will be eligible to receive up to $35 million in pre-revenue regulatory milestones.
It will also be eligible for up to $190 million in sales milestone payments and sales-based royalties.
Bentracimab is currently in a REVERSE-IT Phase 3 trial designed to study reversal of the antiplatelet effects of ticagrelor with bentracimab.
Enrollment of the first 100 subjects will complete in mid-2021, and it is targeting to submit its marketing application in mid-2022.
Price Action: PHAS shares are up 13.7% at $4.49 during the premarket trading session on the last check Thursday.