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Company News

BUZZ-Strongbridge: Surges on move to sell hormone deficiency test rights to Novo

** Drugmaker’s shares surge 59.8 pct to $6.47

** Co says will sell the U.S. and Canadian rights of its drug to test for adult growth hormone deficiency to Danish drugmaker Novo Nordisk A/S for $145 mln in upfront payment and royalties

** Novo will also buy about 5.2 mln SBBP shares for a total of $36.7 mln; Purchase price of $7 per share represents a 72.8 pct premium to SBBP’s last close

** The oral drug, Macrilen is approved in the U.S. to diagnose adult growth hormone deficiency, a disorder affecting more than 50,000 adults in the United States

** SBBP stock has fallen about 23 pct this year (Reporting by Manas Mishra in Bengaluru)

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