Bioniche shares jump 34% on Endo taking up global rights

Shares of Bioniche Life Sciences touched a 52-week high on the Toronto Stock Exchange Friday after marketing partner Endo Pharmaceuticals elected to exercise its option for exclusive global rights to develop and market Bioniche’s non-muscle-invasive bladder cancer product.

As a result, Endo (NASDAQ:ENDP) will all assume all external development expenses for the product, Bioniche (TSX:BNC) said in a statement.

Bioniche also received an $8 million (U.S.) payment from Endo after reaching two milestones under its licensing agreement for the bladder cancer product in North America.

“We are pleased with this decision by Endo,” said CEO Graeme McRae. “We look forward to ongoing collaboration in addressing the global market opportunity for our bladder-cancer product, as well as effectively completing the clinical development program and achieving product registrations in global jurisdictions.”

After jumping to a new high of $1.14, Bioniche shares were quoted at 94 cents, up 24 cents, on the TSX Friday afternoon.