Richter Trading Resumed After Short Halt After Shares Jump 10%
October 05 2011 - 7:39AM
Dow Jones News
Shares in Hungarian drug maker Richter Gedeon Nyrt. (RICHTER.BU)
have resumed trading after a short halt earlier Wednesday that was
triggered when its share price jumped 10%.
The stock was subject to heavy buying interest after the company
announced successful test results on Cariprazine, or RGH-188
molecule, an agent developed for the treatment of bipolar mental
disorders.
The tests were carried out in cooperation with Forest
Laboratories, Inc. (FRX).
A milestone payment isn't expected this year, however, Richter's
public relations director Zsuzsa Beke told Dow Jones Newswires.
Milestone payments will be forthcoming only once phase 3 tests are
successfully completed for the same molecule on schizophrenia in
the first quarter of 2012. The payments are linked to registration,
therefore the earliest possible milestone payment from Forest
Laboratories can be expected in the second half of 2012, Beke
said.
News that tests were successful could boost the stock's fair
value by HUF3,500, Erste Bank said. Its recommendation is buy with
a HUF43,865 target.
Richter's shares were trading up 11.4% or HUF3,510 higher at
HUF34,410 at 1055 GMT.
-By Veronika Gulyas, Dow Jones Newswires; +361-267-0623;
veronika.gulyas@dowjones.com
Gergo Racz contributed to this article.
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