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STOCKS NEWS EUROPE-Vernalis soars after Korea update

Tue Jun 2, 2009 10:47am EDT

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Shares in British biotechnology company Vernalis (VER.L) soar 13 percent after the company announces that its Korean partner SK Chemicals (006120.KS) has gained approval to market its frovatriptan drug in South Korea.

Analyst Michael Aitkenhead at Piper Jaffray says that the milestone and contribution from Korea will be relatively small.

However, he also points out that the Korean deal falls outside royalty payments it must make for the drug to Endo Pharmaceuticals (ENDP.O) in the U.S. and Paul Capital in Europe.

Analyst Shawn Manning at Singer Capital adds that people have high expectations of the new Chief Executive Ian Garland and his management team and are looking for an excuse to buy the company.

To see Vernalis' statement click on [ID:nRnsB2159T]

Reuters messaging rm://ben.deighton.thomsonreuters.com@reuters.net


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