China’s Frontier Biotech Wipes Out Gains Despite USD1 Billion Drug Licensing Deal With GSK
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Frontier Biotechnologies' shares fell 4% to CNY23.69 after announcing a USD1 billion licensing deal with Glaxosmithkline for two RNA-based drug candidates. Despite a previous 20% surge, the stock dropped significantly, reflecting investor concerns. The deal includes an upfront payment of USD40 million and potential milestone payments totaling up to USD950 million. Frontier Biotech, which has only one product on the market, is expected to report a larger net loss for the previous year, despite a projected revenue increase of 8-12%.
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