Unilife shares soar on Hikma contract

11/20/2013 12:32:39 PM
Unilife shares soar on Hikma contract
[Associated Press]

Published Date: November 20, 2013 12:32:00 PM EST
Author: The Associated Press

Unilife Corp. shares soared Wednesday after the company said it had signed a multimillion-dollar supply contract with Hikma Pharmaceuticals PLC.

Under the 15-year contract, Unilife will supply Hikma with prefilled syringes with a range of generic injectable drugs.

Hikma will pay Unilife for product sales and $40 million in upfront and milestone payments. An initial payment of $5 million will be made to Unilife immediately, with additional $15 million in payments during 2014.

Shares of the York, Pa.-based company jumped more than 40 percent to $4.03 Wednesday afternoon and hit as high as $4.24 earlier in the day.

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