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Open Orphan signs preferred partnership with Ipsen Group

The partnership will last three years, and has "already delivered substantial revenues"

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Open Orphan group completed the reverse takeover of clinical trials company Venn Life Sciences in June

Open Orphan Plc (LON:ORPH) has announced plans to make its Venn Life Sciences business profitable by way of a three-year preferred partnership agreement with French pharma company Ipsen Group.

In a statement on Monday, the AIM-listed rare disease drug developer said that Venn Life Sciences, which the Open Orphan group reversed into this year, will be the preferred partner for Ipsen's data management and biostatistics divisions.

READ: Open Orphan inks software deal

The company said that the partnership has “already delivered substantial revenues”, and positions the business as an integrated drug development partner for biopharma companies in Europe such as Ipsen.

In a statement, Open Orphan’s chief executive Cathal Frie said: “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.”

He pointed out that Open Orphan plans to restructure the business to reduce operational leverage, increase revenue, improve operating margins and launch additional complementary services.

Open Orphan announced the £5.7mln reverse takeover of listed clinical trials group Venn Life Sciences in June.

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Price: 5.35 GBX

AIM:ORPH
Market: AIM
Market Cap: £13.62 m
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