Intellipharmaceutics (IPCI): Reiterating Buy After MNK Deal - Brean Capital
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Brean Capital analyst, Difei Yang, reiterated his Buy rating on shares of IntelliPharmaCeutics International (NASDAQ: IPCI) after the company announced that it had signed into an exclusive, 10-year license and commercial supply agreement with Mallinckrodt (NYSE: MNK).
The deal covers generics Seroquel, Pristiq, and Lamictal. Pursuant to the agreement, IPCI will receive a non-refundable $3 mil upfront payment in October 2016 with the potential to also receive up to $11 mil in cost recovery payments related to a long-term profit sharing arrangement.
No change to the price target of $8.
Shares of IntelliPharmaCeutics International closed at $2.83 yesterday.
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