Shares of biotechnology company Biophytis surged 73% to $1.59 on Monday following the announcement of a partnership deal with French pharmaceutical firm Skyepharma. The collaboration is set to produce regulatory batches of Sarconeos, a potential treatment for severe Covid-19 cases, in preparation for submitting marketing authorization applications.
Earlier on Monday, Biophytis' stock value had hit a 52-week low of 88 cents, marking a 74% decline over the past year. The significant rise in share price following the partnership announcement indicates a positive market response to the company's latest strategic move.
Under the terms of the partnership, Skyepharma is responsible for developing finished product batches of Sarconeos that meet Good Manufacturing Practice standards. These standards are crucial for complying with market access filings. The production of Sarconeos will be undertaken by French partners, ensuring that the pharmaceutical development work at the industrial stage provides the necessary information for early access authorizations, particularly in France and Brazil.
Last week, Biophytis revealed its efforts to secure early access authorization for Sarconeos in Brazil. The company expects this new authorization will be granted by year-end. This move is part of a broader strategy to expand access to their potential Covid-19 treatment, demonstrating a proactive approach towards addressing global health challenges.
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