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.
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.