Open Orphan PLC Preferred Partner Agreement (8676S)
November 11 2019 - 2:00AM
UK Regulatory
TIDMORPH
RNS Number : 8676S
Open Orphan PLC
11 November 2019
11 November 2019
Open Orphan plc
("Open Orphan" or the "Company")
Open Orphan signs Preferred Partner Agreement
Open Orphan, a European-focussed, rare and orphan drug
consulting services platform company, is pleased to announce the
signing of a preferred partner agreement between Open Orphan and
Ipsen Group ("Ipsen").
The agreement selects Venn Life Sciences ("Venn"), which is part
of the Open Orphan group, as the preferred partner for Ipsen's Data
Management and Biostatistics. The preferred vendor structure will
last for a 3-year period. This partnership has already delivered
substantial revenues for the Open Orphan group and positions the
business as an integrated drug development partner for Biopharma
companies in Europe such as Ipsen.
The partnership is part of Open Orphan's strategy to transform
Venn Life Sciences and is expected to be one of many long-term
partnership contracts which is expected to deliver recurring
revenues for the business. Open Orphan's aim is to transform Venn
through restructuring the business to reduce operational leverage,
increase revenue, improve operating margins and launch additional
complementary services.
Cathal Friel, Chief Executive of Open Orphan commented:
"When we completed the reverse takeover of Venn earlier this
summer we promised shareholders that one of our key objectives
would be to transform Venn into a profitable pharma services
company. This partnership is the first of many steps to make Venn
profitable and deliver a re-rating of the business to be in line
with the wider sector. I look forward to announcing more positive
news in due course."
Enquiries:
Open Orphan plc Tel: +353 1 644 0007
Cathal Friel, Chief Executive Officer
Arden Partners (Nominated Adviser and Joint Broker) Tel: +44
(0)20 7614 5900
John Llewellyn-Lloyd / Ruari McGirr / Benjamin Cryer
Davy (Euronext Growth Adviser and Joint Broker) Tel: +353 (0)1
679 6363
Anthony Farrell (Corporate Finance)
Camarco (Financial PR) Tel: +44 (0)20 3757 4980
Tom Huddart / Billy Clegg / Dan Sherwen
Notes to Editors on Open Orphan:
Open Orphan plc is a European-focused, rare and orphan drug
consulting services platform. The Company intends to roll up a
number of pharma services businesses across Europe. Open Orphan has
two data driven digital platforms, a Genomic Health Data Platform,
which is establishing one of Europe's largest rare disease genomic
database and a Virtual Rep platform enabling pharmaceutical
companies to engage key opinion leaders and physicians. The Company
is targeting rapid growth in one of the fastest growing sectors in
the global pharmaceutical industry targeting under-supplied
treatment for life threatening or very serious diseases and rare
disorders.
Notes to Editors on Ipsen Group:
Ipsen is a global biopharmaceutical group dedicated to improving
lives through innovative medicines in Oncology, Neuroscience and
Rare Diseases. It has a well-established and successful Consumer
Healthcare business. It is also committed to discovering new
solutions for targeting debilitating diseases and improving the
quality of life for patients.
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END
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