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Stock Alert: Verona Pharma Up 11% On Collaboration Deal With Nuance Pharma

Shares of Verona Pharma plc (VRNA) are gaining over 11% on Thursday morning after after the clinical-stage biopharmaceutical company said it has reached a collaboration deal with specialty pharmaceutical company Nuance Pharma for the development and commercialization rights for its ensifentrine in China.

VRNA is currently trading at $7.27, up $0.76 or 11.67%, on the Nasdaq.

Verona will receive an upfront payment of $25 million in cash and a $15 million equity interest in Nuance. Further, Verona will receive milestone payments of up to $179 million from Nuance as well as tiered double-digit royalties on product sales in China.

Ensifentrine can potentially alleviate respiratory symptoms like breathlessness and cough and treat inflammation related to chronic obstructive pulmonary disease (COPD) or viruses. The drug is currently being evaluated in a global Phase 3 study for maintenance treatment of COPD.

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