NEW YORK Shares of pharmaceutical company Pozen increased by nearly 19% on Friday after the company revealed that they would receive larger-than-expected payments from partner AstraZeneca, Forbes.com reported.
Pozen, Inc. declared that they have begun a late-stage clinical trial of an anti-inflammatory candidate aimed to treat osteoarthritis pain. With this development, their amended agreement with partner AstraZeneca boosts the value of their collaboration from $175 million to $345 million. Pozen will receive an immediate $30 million payment.
During afternoon trading, Pozen, Inc.’s stock rose $1.87, or 18.7 percent, to $11.85. Shares have traded between $8.29 and $19.75 over the last 52 weeks. American depository shares of AstraZeneca, however, fell 69 cents to $48.19.
Wachovia Capital Markets analyst Michael Tong reaffirmed an "Outperform" rating Friday, citing the deal.
Pozen expects to file an application for the drug candidate with the U.S. Food and Drug Administration in the first half of 2009.