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$BLRX up 13% premarket on nice volume

BioLineRx teams up with Novartis
• 7:33 AM
Douglas W. House, SA News Ed...
Israel-based BioLineRx (NASDAQ:BLRX) enters into a strategic collaboration with Novartis (NYSE:NVS) to designed to facilitate the development and commercialization drug candidates identified by BioLineRx. The companies will co-develop up to three pre-clinical and early clinical therapeutic product candidates through clinical proof-of-concept. Projects reaching the clinical stage will be eligible for selection by Novartis. If selected, it will pay BioLineRx an option fee of $5M as well as fund 50% of the remaining development costs associated with establishing clinical proof-of-concept. The funding will be in the form of an additional equity investment in BioLineRx.
As part of the agreement, Novartis has made an initial equity investment in BioLineRx of $10M (5M BLRX ADSs at $2.00 per share) which represents a 12.8% stake.