European-focused, rare and orphan drug consulting firm, Open Orphan (ORPH) , announced on Monday the signing of a preferred partner agreement with biopharmaceutical business, Ipsen Group.
The preferred partner will be integrated drug development firm, Venn Life Sciences — as a part of Open Orphan group, the company has been selected specifically for Ipsen’s data management and biostatistics.
To date, this partnership has generated substantial revenues, establishing Open Orphan as a drug development partner for biopharma companies across Europe.
"When we completed the reverse takeover of Venn earlier this summer we promised shareholders that one of our key objectives would be to transform Venn into a profitable pharma services company,” said Chief Executive of Open Orphan, Cathal Friel.
This partnership is representative of the group’s efforts to "transform" Venn Life Sciences, and other long-term contracts are expected to follow which would deliver recurring business revenues.“This partnership is the first of many steps to make Venn profitable and deliver a re-rating of the business to be in line with the wider sector,” added Mr Fiel.
By restructuring Venn’s business, Open Orphan aim to reduce operational leverage, increase revenue, improve operating margins and add further complementary services.
Follow News & Updates from Open Orphan here: