The company’s shares are on the move today.
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The Starpharma Holdings Ltd (ASX: SPL) share price is soaring following the company announcement of a partnership agreement.
At the time of writing, the dendrimer product developer’s shares are up 6.11% to $1.215 apiece. It’s worth noting that in the past week alone, the company’s share price has leapt by almost 17%.
Let’s take a look at what Starpharma updated the ASX with.
Starpharma partners with Roche Group
Investors appear excited by the company’s latest announcement, sending the Starpharma share price to a 2-month high.
According to its release, Starpharma advised it has entered into an exploratory DEP Research Agreement with Genentech.
Founded in 1976, Genentech is an American biotechnology company that became a subsidiary of the Roche Group in March 2009. Genentech develops medicines for people with serious and life-threatening diseases, such as cancer and progressive multiple sclerosis.
The partnership will see an initial focus on evaluating DEP (dendrimer-based) drug chemical compounds.
A leader in dendrimer-based drug delivery, Starpharma’s proprietary drug delivery platform technology, DEP, is used to improve pharmaceuticals. This reduces toxicities and enhances performance across a wide range of drug classes.
Starpharma’s DEP technology has shown promising results so far, producing four clinical-stage products.
The company already has a number of existing DEP agreements with several leading international pharmaceutical companies. These include AstraZeneca, Merck & Co., Chase Sun, and several other undisclosed partnerships.
Starpharma share price summary
At the beginning of 2021, Starpharma shares rocketed to an all-time high of $2.52 in mid-February. However, the sharp rise was followed by a fall with the company’s shares quickly crashing down the following month.
Since then, the Starpharma shares have continued their downward trend, hitting a 52-week low of $1 in November.
Overall, the Starpharma share price is down by almost 5% in the past 12 months and is more than 20% lower in 2021.
The company presides a market capitalisation of roughly $496 million, with approximately 406.68 million shares on its books.
The post Starpharma (ASX:SPL) share price shoots 6% higher on Roche agreement appeared first on The Motley Fool Australia.
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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Starpharma Holdings Limited. The Motley Fool Australia has recommended Starpharma Holdings Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.