Open Orphan higher as it renews contract with global pharmaceutical client

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Open Orphan PLC (LON:ORPH) said it has renewed a contract for its consultancy services with a top-3 global pharmaceutical client through to December 2021.

The pharma services and vaccine and antiviral testing firm said it has provided independent, up-to-date and hands-on Chemistry, Manufacturing & Control (CMC) consultancy services to the client since 20212 through the Venn Life Sciences team in the Netherlands.

READ: Open Orphan receives approval for first human trial of nasal coronavirus vaccine candidate

Open Orphan added that the CMC services focus on the strategic and technical aspects of pharmaceutical development and support the management of pharma development programmes covering small molecules and biologicals from chemical or cell line development up to submission of marketing authorisation applications.

“This contract renewal underpins our confidence in delivering against ambitious growth targets for 2021 and securing strong revenue visibility moving forward. Open Orphan’s strengths lie in the established relationships we have with our pharmaceutical partners and we expect to continue to extend these relationships as well as focussing on converting the existing pipeline of new business opportunities we have before us”, Open Orphan executive chairman Cathal Friel said in a statement.

“Market consensus forecast a significant increase in revenues in 2021. As we remain on target to be operationally profitable in the final quarter of this year, we also expect to see a significant impact on earnings next year from this revenue growth”, he added.

Shares in Open Orphan rose 1.3% to 23.1p in early trading on Tuesday.

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