Open Orphan plc (ORPH)  has signed an option to acquire (the “Option”) CHIMagents Limited (“CHIMagents”) for a nominal sum. 
 
CHIMagents was recently established by an experienced team to design, manufacture, and test challenge agents for use in challenge studies.  
 
Acquisition Rationale 
hVIVO’s pipeline of challenge studies is expected to grow further during FY20 and beyond and given the increasing importance and focus on developing vaccines and anti-virals globally, security of supply of challenger agents is seen as critical to the Group’s development. 
 
CHIMagents will support hVIVO with the design, manufacturing and testing of both new challenge agents and hVIVO’s industry leading portfolio of eight new existing challenge study agents. 
 
CHIMagents will also support hVIVO’s growing pipeline of challenge study clinical trials and help in accelerating the development of hVIVO’s Covid-19 challenge study clinical trials. 
 
The Option is seen as an important strategic step for Open Orphan to bring both additional, experienced resources to the Group and ensure the Group can meet the increased demand forecast for its services as a world leader in the testing of vaccines and antivirals through the use of human challenge clinical trials. 
 
Shares in Open Orphan have traded exceptionally strongly over the past three months increasing from 7.9p to close yesterday at 13.8p 

Terms of the Option to acquire 
Very few details have been revealed on the terms of the Option, apart from the fact Open Orphan will have three months to exercise its option to acquire CHIMagents and that upon execution, it is intended to operate CHIMagents as a standalone company within the Open Orphan group. 
 
CHIMagent’s Adrian Wildfire has over 20 years of industry experience and will join hVIVO as Director, Scientific and Business Strategy. 
 
Cathal Friel, Executive Chairman of Open Orphan, said: 
“We look forward to working with Adrian Wildfire and the CHIMagents team going forward and this Option is an important strategic step for the business as we rapidly grow our pipeline of challenge studies.  
 
The work CHIMagents is undertaking in relation to COVID-19 challenge agents also complements our own work and we look forward to updating all shareholders on that workstream in due course. We have real momentum across the Group and this Option further cements our position as one of the leading service providers to the developers of vaccines and anti-virals globally.”